City Council approves “City of Yes” housing plan as first step in addressing housing crisis.
The New York City Council recently approved a groundbreaking plan called “City of Yes” that aims to address the city’s housing crisis by creating 80,000 new homes over the next 15 years. This initiative, championed by Mayor Eric Adams, involves zoning changes to increase housing development in a city where rental prices have surged, and the vacancy rate is at a 50-year low.
The plan’s approval by a narrow majority of 31 out of 51 Council members highlights the intense debates and negotiations that took place at City Hall. Recognizing the urgent need to tackle high housing costs, city leaders have taken action to combat rising homelessness rates and the financial burden faced by many New Yorkers, with approximately 500,000 households spending over half of their income on rent.
To garner support from hesitant lawmakers, Mayor Adams and his team committed to investing an additional $5 billion in affordable housing and infrastructure projects while revising some of the more ambitious aspects of the plan. The overarching goal is to introduce more housing options across all neighborhoods by revising regulations related to parking requirements for new developments and encouraging the construction of homes above commercial spaces and in basements.
In conclusion, the “City of Yes” plan represents a significant step towards alleviating New York City’s housing challenges and creating a more inclusive and sustainable urban environment for its residents.
Source: The NY Times
