I love this article. It was in Bloomberg BusinessWeek. This piece was written by Pharhant Gopal and Vildana Hajric.
Two New York City suburbs, New Rochelle and Yonkers, are taking substantial steps to recruit millennials from Manhattan.
The focus is on building mixed use developments of interest to millennials. Equally important is providing the type of services that appeal to millennials. As you read the article you will see how much research was done. It is very impressive.
Note that both suburbs enticed developers to build luxury apartments by offering two primary incentives: long term tax breaks and rapid permit approval.
Rapid permit approval is not generally considered a monetary incentive by most people. However, for a developer or industry, rapid permit approval ranks right up with cash and tax breaks. Time to market definitely impacts the revenue stream and how quick profitability is achieved.
As you read the article take note of the concerted and comprehensive effort to recruit millennials from Manhattan and New York City. It includes understanding your market, building what your research tells you the market want, and how to incent developers to partner with you.
Link to article: https://www.bloomberg.com/news/articles/2019-12-17/how-nyc-suburbs-yonkers-and-new-rochelle-are-wooing-millennials?srnd=businessweek-v2
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