NYC Approves $5B 'City of Yes' Plan to Build 82,000 Homes with Zoning Reforms

Dec 5, 2024, 10:02 PM

Mayor Eric Adams' 'City of Yes' housing plan, coupled with the Council's 'City for All' initiative and $5 billion in investments, has been approved by the New York City Council. The plan aims to create over 82,000 new homes across all five boroughs within the next 15 years by revamping citywide land use regulations. This comprehensive zoning reform, the most sweeping in over six decades, will permit bigger buildings and more homes by addressing outdated zoning rules. It includes establishing basement apartments and accessory dwelling units (ADUs) in city codes, supporting building rehabilitation, and changing rules around parking mandates, mixed zoning usage, and increasing upzoning. The initiative also aims to lower housing costs, tackle the low vacancy rate, expand affordable homeownership opportunities, and improve transparency in tracking approved housing projects. Governor Kathy Hochul has expressed support for the plan, which is expected to make housing more affordable for New Yorkers.