Summary:

NYC Council passes the "City of Yes" affordable housing plan.
The plan aims to create over 82,000 new homes in 15 years.
A $5 billion investment will fund the initiative.
Key changes include relaxing parking requirements, allowing apartments on single-family lots, and incentivizing affordable housing construction.
Mayor Adams and Governor Hochul strongly support the plan, emphasizing its significance in combating the city's affordability crisis.

NYC's "City of Yes" Affordable Housing Plan Passes!

The New York City Council has approved Mayor Eric Adams' ambitious "City of Yes" affordable housing plan, aiming to build over 82,000 new homes in the next 15 years. This plan involves a $5 billion investment and focuses on easing restrictions to boost housing development.

Key changes include:

Eliminating the requirement for off-street parking in new constructions.
Allowing homeowners to build apartments on single-family lots.
Enabling developers to build at least 20% more housing in projects if it's designated as affordable.

Mayor Adams hailed this as a historic day for working-class New Yorkers, promising lower rents. Governor Kathy Hochul also expressed strong support, emphasizing the need for zoning reforms to address the city's affordability crisis and highlighting her commitment with a $1 billion investment.

This initiative signifies a significant step towards tackling New York City's housing shortage and affordability challenges.

Source: ABC7 New York