One central criticism against the controversial plan to rezone a large swath of Midtown East is that it would draw potential tenants away from megaprojects laden with commercial space to let, like Hudson Yards and the World Trade Center site. But a report out today by the city's Independent Budget Office holds that erecting taller office towers in the middle of the city won't, in fact, detract from filling those other vacancies. Quoth an analyst in the fancy "fiscal brief": "The rezoning could help satisfy a pent-up demand for new office space in the area... The additional supply could also make office rents more affordable citywide." [NYDN; previously]
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