The plan would allow developers to build taller in exchange for creating more affordable housing.
Councilwoman Margaret Chin wants landlords of unsafe buildings to pay for tenants to live elsewhere.
Mayor de Blasio said victims of the East Harlem would be provided appropriate housing options shortly.
Residential real estate transactions totaled $30.3 billion in 2012, according to experts.
The Real Estate Board of New York said a proposed West End Avenue historic district would halt development.
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