NYC Council Approves 'City of Yes' Plan, Unlocking 80,000 Homes with $5B Investment

Nov 21, 2024, 07:08 PM

The New York City Council and Mayor Eric Adams have reached a deal on the 'City of Yes for Housing Opportunity' zoning reforms, aiming to address the city's housing crisis by accelerating housing construction. The agreement includes committing $5 billion in city funding to support the initiative, with Governor Kathy Hochul set to include an additional $1 billion in the state budget proposal. The plan, which initially projected the creation of between 58,000 and 109,000 homes over 15 years, is now expected to produce 80,000 new homes due to modifications made during negotiations. Key concessions were made regarding parking mandates and accessory dwelling units (ADUs). Parking requirements will vary by three zones, with some mandates preserved, and substantial carveouts for ADUs have been implemented, including bans in flood zones, coastal zones, historic districts, and certain low-density zoning districts. ADUs are also capped at one story. The plan allows religious institutions to build housing on their land, expanding opportunities for affordable housing development. The City Council's Land Use Committee and Zoning Subcommittee approved the modified plan with a 4-3 vote, moving it one step closer to a full Council vote on December 5th. The modifications involved integrating the original 'City of Yes' proposal with 'City for All,' spearheaded by Council Speaker Adrienne Adams. The 'City of Yes' initiative represents a significant step toward addressing New York City's housing shortage, unlocking 80,000 new homes and investing $5 billion in housing, infrastructure, and tenant protection. Mayor Adams stated, 'This is a historical moment... housing is the most important thing we could do for New Yorkers,' emphasizing that the plan will make a meaningful difference for hardworking families across the city.