New York Construction Report staff writer
New York City Mayor Eric Adams and Governor Kathy Hochul have unveiled an agreement to address the city’s housing crisis with the “City of Yes for Housing Opportunity” proposal. The plan aims to build up to 80,000 new homes over the next 15 years, providing relief to New Yorkers amid the city’s low 1.4% rental vacancy rate.
The proposal was approved by the New York City Council’s Subcommittee on Zoning and Franchises and the Committee on Land Use. It marks a significant shift in zoning policy, allowing for more housing to be built across all five boroughs, with a focus on creating affordable housing in neighborhoods that have traditionally seen limited development.
The plan includes a $5 billion investment in housing and critical infrastructure upgrades. This funding will support improvements to sewer and flood infrastructure, street upgrades, and the creation of new public open spaces. Additionally, the proposal outlines $1 billion in funding for housing capital, $2 billion for infrastructure projects, and $1 billion in funding for tenant protections and voucher assistance.
“Everyday New Yorkers have carried the burden of a generational housing crisis for far too long. Today, we are one step closer to delivering long overdue relief,” Mayor Adams said during the announcement. “This is a bold plan that will make New York City a model for the nation in addressing housing challenges head-on.”
Governor Hochul also emphasized the urgency of the housing affordability crisis. “New York has a housing affordability crisis and there’s only one way out: build more housing,” she said. “We need all hands on deck to build more housing and make New York more affordable for everyone.”
“City of Yes” represents a major expansion of previous zoning efforts, exceeding all housing created from rezonings during the Bloomberg and de Blasio administrations combined.
The plan is expected to bring about significant growth in both residential and infrastructure development, creating thousands of jobs across the construction industry.
In addition to new housing, the proposal aims to provide long-term protections for tenants, including combatting source-of-income discrimination and supporting affordable housing initiatives through increased state and city funding. Governor Hochul committed $1 billion in state housing capital over the next five years, contingent on state budget approval.
