Harlem Wants to Limit Bank Branches

Complaining about the proliferation of bank branches in New York City has almost become cliche, but City Planning officials are taking steps to enact zoning restrictions along 125th St. in Manhattan that would limit the number of bank branches on the main drag of Harlem. The idea is that bank branches can have a deadening effect on pedestrian use of a an area because they take up space that could be used for arts, entertainment, or retail purposes.

Per the Times' CityRoom blog, the new zoning would not allow banks to occupy street-level spaces between Broadway and 2nd Ave. Doorway entrances with limited ATM facilities would be allowed with stairway access to upper-level bank floors. These restrictions would only apply to new or expanded buildings and would not affect the current 15 banks lining 125th St. already.

A study last year showed that the number of bank branches increased 36% in New York between 2000 and 2006. An unscientific Gothamist poll at the time indicated readers found the opening of a Duane Reade or a Starbucks in their neighborhood less offensive than another Chase Bank branch. And that was before Chase raised their non-customer ATM fees to $3!

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By Dave Hogarty in News on March 16, 2008 10:12 AM

Comments [rss]

Dude69

Why isn't Sharpton organizing a march against this?? He needs to get Tawana Brawley style on the banks' asses! No Justice! No Peace!

zonny b

WELCOME TO MANHATTAN, CITY OF BANKS!

shovel

How about more credit unions?

kcin122

I wouldn't call a bank gentrification.

I would call it saving 2 bucks every time you take money out.

EastRiver

I'd be surprised if the downtown in the economy doesn't stop the banks in their tracks. Their an empty lot in my neighborhood that has is/was supposed to be a new Chase branch. There has been zero construction activity since the plywood walls around the site went up.