NYC's "City of Yes" Moves Forward: A Massive Housing Plan

Mayor Eric Adams' ambitious "City of Yes" rezoning plan, aimed at tackling NYC's housing crisis, has cleared a major hurdle. After passing key City Council committee votes with some modifications, it's headed for a full council vote on December 5th.

Key Features of the Plan:

• 80,000 New Housing Units: The plan, initially proposing 109,000 units, will now add 80,000 new housing units across the five boroughs. This aims to address NYC's rental vacancy rate, which has hit a 50-year low.
• $5 Billion Investment: The city will invest $5 billion in housing and infrastructure improvements, including a $1 billion contribution from the state. This investment is intended to support the construction and development of new housing.
• Modified Zoning Laws: Longstanding zoning laws will be altered to facilitate the construction of these new units. Modifications were made to address concerns, particularly from outer borough communities.
• Concessions: The revised plan includes concessions such as revised regulations on converting garages/basements into in-law suites and parking requirements that vary based on proximity to public transit.

Concerns and Opposition:

While hailed as a historic housing reform by Mayor Adams, the plan has faced opposition, especially in low-density outer borough neighborhoods, with concerns about increased density and potential borough discrimination being raised by some council members.

Governor Hochul's Statement:

"New York has a housing affordability crisis and there's only one way out: build more housing. We're adding a $1 billion state commitment to support affordable housing in New York City. We need all hands on deck to build more housing and make New York more affordable for all of us." - Gov. Kathy Hochul

The final vote is set for December 5th, promising to bring significant changes to NYC's housing landscape.