Final answer:
Transferable development rights in New York City are primarily used to provide economic relief to the owners of landmark properties, allowing them to monetize the development potential of their property while encouraging historical preservation.
Step-by-step explanation:
Transferable development rights (TDRs) have been adopted in New York City primarily to provide economic relief to the owners of landmarks. By allowing the transfer of certain development rights from a landmark property that cannot be extensively altered or developed due to its protected status, the city offers an economic incentive for the preservation of those buildings. This system thus helps in addressing the land-use and zoning regulations while protecting the character and historical significance of the city's landmarks.
Land use and zoning regulations have been established to control and direct the development of property within municipal borders. These regulations often dictate how land can be used, including the size and type of buildings that can be constructed, in order to ensure the orderly development of urban areas and protect the health, safety, and welfare of the community. TDRs serve as a flexible tool to negotiate between the economic interests of property owners and the public interest in preserving the character of historic neighborhoods.