Bill > S09423

This bill, known as the "REVIVE Act," aims to address New York's housing crisis by facilitating the "adaptive reuse" (repurposing for residential purposes) of underutilized commercial, office, retail, or parking properties, often referred to as "stranded assets." It establishes criteria for "eligible projects," which are residential or mixed-use developments on parcels of at least 15,000 square feet located in commercial zones or designated for commercial uses, provided these parcels have a vacancy rate of at least 50% for a year and are connected to municipal water and sewer systems ("serviced lots"). The bill sets minimum density requirements, allows for increased building heights in certain areas, and limits parking to one space per dwelling unit. For eligible projects in urban areas, it mandates a streamlined, "ministerial review" (a non-discretionary approval process based on objective standards) with strict timelines for municipal approval, or the project will be automatically approved if deadlines are missed.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S9423