Official NYC housing market reports or statistical releases

NYC Council Approves Mayor Adams' $5B 'City of Yes' Plan for 80,000 New Homes

Dec 5, 2024, 09:49 PM

The New York City Council has approved Mayor Eric Adams' 'City of Yes for Housing Opportunity' plan, a significant housing policy reform aimed at addressing the city's housing crisis. The plan, which includes a $5 billion investment, will facilitate the construction of over 80,000 new homes across all five boroughs by 2040. It involves revamping citywide land use rules to allow for larger buildings and more housing units, alongside tenant protections and affordable housing initiatives. The vote, which passed with an expected margin of 28-32 votes out of 51 Council members, marks the first comprehensive zoning reform in more than six decades. Key figures such as Governor Kathy Hochul, Mayor Adams, and City Council Speaker Adrienne Adams have supported the plan, which is anticipated to lower housing costs and expand housing opportunities in every neighborhood. The plan also includes the FARE Act to protect tenants and the City for All Plan, which was discussed in interviews on NY1.