Jamaica, Queens Rezoned: How Affordable Housing Is Impacting Development Site Values
Updated: Aug 24
The Jamaica Neighborhood Plan rezoning established a
Mandatory Inclusionary Housing (MIH) area across much of the rezoned area.
Recent sales are beginning to show how developers are pricing newly rezoned sites—and how MIH can affect what they are willing to pay.
What Is Mandatory Inclusionary Housing (MIH)?
MIH requires developers to permanently set aside a portion of residential floor area for affordable housing.
The rent charged for these units is tied to AMI (Area Median Income)—the lower the AMI %, the lower the permitted rent.
MIH OPTION 1
25% Affordable• Average 60% AMI
Includes at least 10% of residential floor area at 40% AMI
MIH OPTION 2
30% Affordable • Average 80% AMI
MIH OPTION 3 — DEEP AFFORDABILITY
20% Affordable • Average 40% AMI
What Does That Mean for a 1-Bedroom?
*Based on 2026 NYC AMI rent levels
40% AMI (option 3): $1,272 / month
60% AMI (option 1): $1,908 / month
80% AMI (option 2): $2,545 / month
Why it matters:
Lower affordable rents reduce a project's potential rental income, which can directly affect how much a developer can pay for the land.
Therefore, in an MIH zone, a developer will generally pay more for option 2.
The Jamaica Neighborhood Plan rezoning includes areas where MIH Options 1, 2, and 3 are available, while other areas allow only Options 1 and 3.
Below are notable sales in "Downtown Jamaica" after the Jamaica Neighborhood Plan Rezoning.
143-05 Remington Street
Jamaica, NY 11435
$3,356,438
SALE PRICE
40,392 Buildable Sq Ft (BSF)
$83 / BSF
SOLD JANUARY 2026
MIH: OPTIONS 1,2,3
92-30 165th Street
Jamaica, NY 11433
$46,125,000
SALE PRICE
604,444 Buildable Sq Ft (BSF)
$76 / BSF
SOLD MAY 2026
NOT IN MIH ZONE
89-28 165th Street
Jamaica, NY 11432
$18,500,000
SALE PRICE
337,500 Buildable Sq Ft (BSF)
$55 / BSF
SOLD MAY 2026
MIH: 1,3
(No option 2)
Map of the MIH Zones in the Jamaica Neighborhood Plan Rezoning
My Take on Jamaica Land Values
Based on recent offers, buyer conversations, and development sites I am currently marketing, I believe the market is beginning to establish the following ranges:
MIH Options 1 & 3:
approximately $70–$80 per Buildable SF
MIH Options 1, 2 & 3:
approximately $80–$90 per Buildable SF
Where a property falls within these ranges will depend on its individual characteristics, including but not limited to:
Lot Size– Sites of at least 5,000 SF are generally more attractive to developers.
Frontage– Wider street frontage can improve a site's design and development potential.
Corner & Block-Through Sites– These properties can command a premium due to additional frontage, access, light and design flexibility.
Proximity to Transit– Sites near subway stations and other major transit are generally more desirable.
Not all buildable square feet are valued equally.
Understanding the zoning is only the first step—the property's physical characteristics and development economics ultimately determine what a buyer is willing to pay.
Find Out What Your Property Can Build —and What It's Potentially Worth.
See how the Jamaica rezoning, new FAR, and MIH requirements may have changed yourproperty's development potential and market value
.
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