Mayor Eric Adams officially signed the ‘City of Yes for Housing Opportunities’ into law during a ceremony on Wednesday, the last stop of a long campaign for zoning reform aimed at ending the ongoing housing crisis.
The initiative is set to create 82,000 new homes over the next 15 years and involve a substantial $5 billion investment in infrastructure to support affordable housing and tenant protection across all five boroughs.
“This effort is monumental for New Yorkers who are struggling to find stable housing in our great city. With this law, we are not only increasing the housing supply but also upholding our commitment to build a city that is fair and equitable for everyone,” Adams said at the bill signing.
The proposal, Adams said, will help create more housing than residences created through all other rezonings over the last 50 years combined — reflecting a transformative approach to urban development.
The “City of Yes” initiative has been met with both anticipation and skepticism from New Yorkers. The City Council approved the plan earlier this month by just an 11-vote margin, 31-20, in a chamber where most measures are passed with overwhelming majorities.
Many New Yorkers are hopeful about the potential for affordable housing, especially as the city faces a low 1.4% vacancy rate. However, opponents of City of Yes have concerns regarding the pace of implementation and whether the city’s infrastructure can keep up with the increase demand from new housing.
Legislators including Staten Island Council Member David Carr pushed back on the plan, saying it’d likely put pressure on an “already overly-taxed infrastructure”.
“This process, which the administration claims is going to result in a little housing everywhere and yet somehow will not tax our already over-taxed infrastructure, simply does not make sense,” Carr said, as previously reported by amNewYork Metro.
The law includes provisions to legalize accessory dwelling units and expand tax benefits for major renovations, aiming to provide financial relief for building owners and enhance housing availability.
Yet other council representatives continue to support the proposal and celebrate its passing.
“This isn’t just about building houses; it’s about ensuring that our communities have the necessary support systems as well,” Bronx Council Member Rafael Salamanca, a key partner in the initiative, said at the signing. “Equitable housing cannot be achieved without addressing the infrastructure that supports it.”
As the city begins to roll out the initiatives within the proposal, New Yorkers anticipate the potential benefits of increased affordable housing options in their neighborhoods.
The ‘City of Yes’ represents a bold step forward in the ongoing battle against the housing crisis in New York City, with the administration asserting its commitment to equity and sustainable development in every neighborhood.
“These bills will help us build housing that will finally allow us to turn this generation of ‘no’s’ into a generation of ‘yes’,” Adams said. “We are assuring New Yorkers have proper housing in areas throughout the city.”
