New York City Mayor R. Bloomberg is challenging developers to build smaller studio apartments to meet the need for more affordable rental housing.
Bloomberg is seeking bids for a city-sponsored pilot program of "micro-units", studio apartments measuring less than 400 square-feet, to be rented for less than $2000 per month, the current market rate, according to the New York Times.
"Studios in new rental buildings (are) now “close to 400 square feet,” Yuval Greenblatt, an executive vice president of Prudential Douglas Elliman, told the Times. “Ten years ago, they would build closer to 500 square feet wherever that could be achieved.”
In its first week, the city's online request for proposals from developers has been downloaded more than 700 times, according to the paper.