NYC asks developers to create tinier apartments

New York City Mayor Michael Bloomberg greets first responders at a tribute at the 9/11 Memorial for recovery workers and first responders on the10-year anniversary of the formal end of cleanup operations at Ground Zero on May 30, 2012 in New York City. Spencer Platt/Getty Images

(AP) NEW YORK - New York City renters have long made a habit of sacrificing square footage to save money. Now, the government wants to help them move into even smaller spaces.

Mayor Michael Bloomberg is inviting developers to propose ways to turn a city lot into a building filled mostly with micro-units of no more than 300 square feet.

New York City real estate: Tiny houses

The pilot program could lead to a change in regulations that currently require new apartments to be at least 450 square feet.

Bloomberg said Monday the shift will help accommodate the changing population. He says young professionals are waiting longer to start families.

Bloomberg says a shortage of small homes is forcing people to move into illegal subdivisions. The city has 1 million studio and one-bedroom apartments for 1.8 million one- and two-person households.

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