City Hall appears to be closing in on a deal to make Mayor Eric Adams’ City of Yes zoning changes to boost housing production a reality.
As the two sides of City Hall continued negotiating Thursday the final details of the plan, Adams’ office has agreed to pay $5 billion for policies championed by the City Council, according to a source familiar with the matter.
The details came as the mayor’s office and the council appeared to still be hashing out the final compromise on Nov. 21. Planned votes by the council’s Zoning Subcommittee and Land Use Committee scheduled for late Thursday morning were indefinitely pushed back during Thursday.
The $5 billion will fund the City Council’s own housing plan, known as City for All, the source told amNewYork Metro. Those funds will go toward funding for affordable housing construction, housing affordability and affordable homeownership programs, infrastructure upgrades, and other expenses.
Additinally, the final deal will include alterations to some of City of Yes’ proposals, meant to assuage council members who are skeptical about the plan.
The changes include easing the elimination of a mandate that new residential developments build a certain amount of off-street parking and adding restrictions around where accessory dwelling units (ADUs) can be buil.
However, the revamped City of Yes is only projected to produce 80,000 new units of housing over the next 15 years, rather than the roughly 100,000 that would have come out of the original plan.
This is a developing story; check with amNY.com later for updates.
