New York City signs historic housing bill for 80,000 new homes

Mayor Eric Adams, alongside First Deputy Mayor Maria Torres-Springer, marked a historic moment for the city with the signing of the “City of Yes for Housing Opportunity” legislative package.

The bold new initiative aims to tackle New York City’s ongoing housing crisis, which has been exacerbated by a vacancy rate of just 1.4%. The new legislation is touted as the most pro-housing zoning proposal in the city’s history.

“This is one of the proudest days of my public service career,” said First Deputy Mayor Torres-Springer, speaking to an audience that included key figures such as Councilmembers Rafael Salamanca, Carlina Rivera, Gale Brewer, and others from various city agencies. Torres-Springer emphasized the collaborative effort that made the bill’s success possible, calling it a decisive action that will provide affordable housing for thousands of New Yorkers facing soaring rents.

The comprehensive package includes a promise to build 80,000 new homes over the next 15 years, along with a $5 billion investment aimed at strengthening the city’s infrastructure and financing more affordable housing. It is noted that this initiative alone exceeds all housing created from rezonings under the last 50 years of mayoral administrations, including those of Michael Bloomberg and Bill de Blasio.

Mayor Adams praised the partnership between his administration, the City Council, and Governor Kathy Hochul, all of whom helped push the proposal across the finish line. “This is a moment for those families who are suffering. These bills will help us build housing that will finally allow us to turn these generations of no into generations of yes,” Mayor Adams said, referencing the City of Yes slogan.

The legislation includes several key components, such as the legalization of basement and cellar dwelling units in certain districts (Intro 1127A), the extension of the J51 tax abatement program for major building renovations (Intro 654-A), and the introduction of a program to hold the city’s Housing Preservation and Development (HPD) accountable for the timely disbursement of funds to affordable housing projects (Intro 850-A).

Councilmember Rafael Salamanca, who chairs the City Council’s Land Use Committee, expressed his pride in the equity of the package. “We’re going to build 80,000 units across all five boroughs, and it’s going to be fair and equitable throughout the city,” he said, noting that the new initiative will benefit communities across the city, not just in areas historically underserved by housing development.

Intro 850-A, which Salamanca described as seven years in the making, aims to provide much-needed transparency in the process of approving housing projects. He explained that the bill mandates biannual reports from HPD on project funding, providing clarity on when projects will be funded or why delays occur. “This is a reality that happens far too frequently, and this bill will help hold us accountable,” Salamanca said.

As the bills were officially signed into law, the gathered officials and partners reflected on the collective effort it took to turn the vision into a reality. “It’s a win for a city that really asked for and now has gotten the type of rapid action from all parts of this building,” said Torres-Springer, highlighting the role of grassroots support in making the legislation possible.

With this new legislation, New York City takes a significant step forward in addressing its housing crisis, bringing a more affordable and equitable future to its residents.