Land Use & Zoning
In New York City, a 'transfer of development rights' (TDR) allows property owners to:
ASell their property to the city
BTransfer unused development rights (floor area) from one parcel to another to allow greater density on the receiving site✓ Correct
CRezone their property without a public hearing
DAvoid paying property taxes on landmarked buildings
Explanation
TDRs allow owners of landmark or underbuilt properties to sell their unused development rights to adjacent or nearby properties, enabling those properties to build more floor area than ordinarily permitted. This compensates landmark owners for their development restrictions.
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