From The Real Deal:
A proposed rezoning in the Forest Hills neighborhood of Queens would allow residential development for the first time on a portion of Austin Street, but residents say the area is already overcrowded.
The rezoning would apply to eight blocks bound by Austin Street and Queens Boulevard, Yellowstone Boulevard and 72nd Road, with varying height restrictions.
While community residents are worried the zoning will bring increased development to the area, the inability of developers to borrow money amid a frozen credit market may make new projects unlikely. And, a local developer believes the zoning will actually dissuade developers from building residential towers.
"On the surface it seems like it would be appealing to a developer," said Anthony Colletti, COO of Cord Meyer. "What they did was they allowed residential development, but with prohibitive parking requirements."