Rezoning is a formal change to a property's zoning district or bulk regulations. Unlike a building permit, it requires public review and government approval to move forward.

In NYC, rezonings follow the Uniform Land Use Review Procedure (ULURP), a sequential process involving the community board, borough president, City Planning Commission, and City Council, typically taking 12–18 months. Rezonings can be city-initiated, as City of Yes for Housing Opportunity was in December 2024, or owner-initiated, where a private applicant seeks a map amendment for a specific site. Owner-initiated rezonings are expensive, uncertain, and politically exposed.

A successful rezoning can dramatically increase a property's FAR and permitted uses, multiplying land value without any physical change to the lot. Many owners assume the community board has the final say, but the City Council holds final authority and routinely defers to the local council member, making neighborhood politics the deciding factor.

A rezoning doesn't touch your property. It just changes what the label says and that can be worth millions.

Example: You own a low-rise industrial building in Brooklyn. The city rezones your corridor from manufacturing to residential, taking your lot from zero residential FAR to 3.0. On a 6,000 SF lot, that creates 18,000 buildable SF of apartment potential where none existed the day before. Nothing about your property changed except the zoning map.