Less Floor Space

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New York is hoping to make housing more affordable; and it’s going to be a tight fit.

City planners believe apartments that measure no more than 300 feet; could be the answer to the rising number of single and two person households. Called “micro units” the small space has a bathroom, built in kitchenette and a combined sleeping and living area.

Earlier this week mayor Michael Bloomberg gave developers the go ahead to test this plan out on a vacant lot in Manhattan. If successful it could overturn a 1978 law that new apartments had to be at least 400 square feet.

City planners say New York is one of the most expensive real estate markets. They say one third of renters spend more than half their income on rent and the micro units could make living more affordable. And the small space won’t go to waste. Around the country more people are living alone than ever and are willing to trade square footage for a lower price tag. When it comes to floor space and your bank account; less means more.