Close Menu
Fin Street NewsFin Street News
  • Home
  • Business
  • Finance
    • Banking
    • Stocks
    • Commodities & Futures
    • ETFs & Mutual Funds
    • Funds
    • Currencies
    • Crypto
  • Markets
  • Investing
  • Personal Finance
    • Loans
    • Credit Cards
    • Dept Management
    • Retirement
    • Mortgages
    • Saving
    • Taxes
  • Fintech

Subscribe to Updates

Get the latest finance and business news and updates directly to your inbox.

Trending
I’m a busy dad who didn’t have time to exercise. I managed to ‘get jacked’ with just 20 minutes of bodyweight exercise a day.

I’m a busy dad who didn’t have time to exercise. I managed to ‘get jacked’ with just 20 minutes of bodyweight exercise a day.

February 18, 2026
11 surprising moments from Gordon Ramsay’s new Netflix documentary

11 surprising moments from Gordon Ramsay’s new Netflix documentary

February 18, 2026
Kohl’s Unveils New  and Under ‘Deal Bar’ in Stores

Kohl’s Unveils New $10 and Under ‘Deal Bar’ in Stores

February 18, 2026
Mortgage Rates Drop Again, Setting New 3-Year Low

Mortgage Rates Drop Again, Setting New 3-Year Low

February 18, 2026
Do You Have to Pay Taxes on Tips? Trump Tax Changes

Do You Have to Pay Taxes on Tips? Trump Tax Changes

February 18, 2026
Facebook X (Twitter) Instagram
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
February 18, 2026 4:33 pm EST
|
Facebook X (Twitter) Instagram
  Market Data
Fin Street NewsFin Street News
Newsletter Login
  • Home
  • Business
  • Finance
    • Banking
    • Stocks
    • Commodities & Futures
    • ETFs & Mutual Funds
    • Funds
    • Currencies
    • Crypto
  • Markets
  • Investing
  • Personal Finance
    • Loans
    • Credit Cards
    • Dept Management
    • Retirement
    • Mortgages
    • Saving
    • Taxes
  • Fintech
Fin Street NewsFin Street News
Home » Mayor of NYC Suburb Says Key to Lower Rent Is Apartments on Parking Lots
Mayor of NYC Suburb Says Key to Lower Rent Is Apartments on Parking Lots
Markets

Mayor of NYC Suburb Says Key to Lower Rent Is Apartments on Parking Lots

News RoomBy News RoomDecember 21, 20250 ViewsNo Comments

In a year full of abundance discourse, New Rochelle Mayor Yadira Ramos-Herbert is living the abundance agenda.

The skyline of her Westchester County city, just 20 miles north of Manhattan, is barely recognizable from a decade ago. New apartment and condo towers have shot up, the city’s population is booming, and rents and home prices haven’t risen nearly as fast as in other cities in the region and across the US.

The city plans to fulfill its goal of adding 11,000 units in about 32 buildings in several years, growing the city’s housing stock by 37%, according to the Wall Street Journal. The mayor told Business Insider the city is about two-thirds of the way to its goal.

And the efforts are showing signs of success. Median rents in New Rochelle rose by just 7% between 2017 and 2023, according to a Pew analysis of Apartment List data. That’s compared to a 31% median rent increase nationwide.

Over the last decade, the city has supercharged housing construction by overhauling zoning laws, streamlining environmental review, and offering new tax breaks to developers. The city has focused on revitalizing its downtown by building homes on underutilized commercial and parking lots near rail and bus stations.

“We weren’t tearing down homes. We weren’t tearing down existing apartment buildings,” Ramos-Herbert said in an interview this fall with Business Insider. “We were just leveraging underutilized sites and catalyzing them through the development.”

The new homes don’t just impact New Rochelle’s 85,000 residents. They have implications for the entire region, which is suffering from one of the most severe housing shortages in the country. New York City relies on its suburbs to house a big portion of its workers and absorb a steady stream of people leaving the five boroughs.

While the Big Apple builds less housing per capita than most other major cities in the US, many of its suburbs have an even more dismal record. Between 2010 and 2021, the New York suburbs approved just 13 new homes for every 1,000 residents — about half the rate of the Big Apple.

There’s been some opposition to all the new construction in New Rochelle among locals. There are concerns about traffic, lack of parking, and noise from construction sites. But her constituents also worry that the shiny towers are being filled with transplants, rather than New Rochelle locals in need of affordable housing.

The mayor said that gentrification concerns are overblown. She noted that 22% of the residents in the new housing are from New Rochelle, and 21% are from surrounding towns in Westchester County. That’s compared to 33% who’ve come from New York City. The new units have given locals a smaller home to downsize to, or a way to shorten their commute by living within walking distance of an Amtrak and Metro-North rail station, she said.

“These are not strangers. These are our friends. These are your kids’ friends,” she said. “These are your parents.”

The city has been hailed as a model for communities that need to boost housing production amid severe affordability challenges. New Rochelle isn’t alone in the region — Jersey City has also built housing at a rapid clip in recent years, becoming another model for YIMBYs to point to.

Ramos-Herbert’s advice to other cities and communities: start by building transit-oriented development on underutilized commercial plots.

She also touted the critical income the new housing and residents bring in for the city through property taxes and sales tax, allowing it to invest in infrastructure and programs that benefit everyone. She pointed to the $100 million renovation of the city’s train station and the transformation of a highway that divides a historically Black neighborhood into a linear park and local road.

“You can only tax so much,” she said. “We have to kind of create, ensure, proactive creation of alternative revenue streams to support us.”



Read the full article here

Share. Facebook Twitter LinkedIn Telegram WhatsApp Email

Keep Reading

11 surprising moments from Gordon Ramsay’s new Netflix documentary

11 surprising moments from Gordon Ramsay’s new Netflix documentary

How the Air Force Trains for Crashes in Enemy Territory

How the Air Force Trains for Crashes in Enemy Territory

I’ve followed the Mediterranean diet for years. Here are my 7 favorite easy meals to make in batches.

I’ve followed the Mediterranean diet for years. Here are my 7 favorite easy meals to make in batches.

Gordon Ramsay has 6 kids with his wife, Tana. Meet the celebrity chef’s big family.

Gordon Ramsay has 6 kids with his wife, Tana. Meet the celebrity chef’s big family.

I’m 40 and have similar health issues as my 95-year-old grandmother. I look to her for strength.

I’m 40 and have similar health issues as my 95-year-old grandmother. I look to her for strength.

Tesla avoids sales freeze in California after dropping ‘Autopilot’ marketing

Tesla avoids sales freeze in California after dropping ‘Autopilot’ marketing

Business Insider wins first George Polk Award

Business Insider wins first George Polk Award

Starbucks investor group gears up for board fight over backsliding labor relations

Starbucks investor group gears up for board fight over backsliding labor relations

There’s a lot at stake for the tech giants betting big on wearables

There’s a lot at stake for the tech giants betting big on wearables

Add A Comment
Leave A Reply Cancel Reply

Editors Picks

11 surprising moments from Gordon Ramsay’s new Netflix documentary

11 surprising moments from Gordon Ramsay’s new Netflix documentary

February 18, 2026
Kohl’s Unveils New  and Under ‘Deal Bar’ in Stores

Kohl’s Unveils New $10 and Under ‘Deal Bar’ in Stores

February 18, 2026
Mortgage Rates Drop Again, Setting New 3-Year Low

Mortgage Rates Drop Again, Setting New 3-Year Low

February 18, 2026
Do You Have to Pay Taxes on Tips? Trump Tax Changes

Do You Have to Pay Taxes on Tips? Trump Tax Changes

February 18, 2026
People are applauding a software engineer’s ‘honest take’ on AI in the workplace

People are applauding a software engineer’s ‘honest take’ on AI in the workplace

February 18, 2026

Latest News

How the Air Force Trains for Crashes in Enemy Territory

How the Air Force Trains for Crashes in Enemy Territory

February 18, 2026
As Recently as 50 Years Ago, Women Had Little Control Over Their Own Finances

As Recently as 50 Years Ago, Women Had Little Control Over Their Own Finances

February 18, 2026
Can You Deduct Mortgage Interest on a Second Home?

Can You Deduct Mortgage Interest on a Second Home?

February 18, 2026

Subscribe to News

Get the latest finance and business news and updates directly to your inbox.

Advertisement
Demo
Facebook X (Twitter) Pinterest TikTok Instagram
2026 © Prices.com LLC. All Rights Reserved.
  • Privacy Policy
  • Terms
  • For Advertisers
  • Contact

Type above and press Enter to search. Press Esc to cancel.