New York City Mayor Eric Adams and New York Governor Kathy Hochul today celebrated an agreement on the “City of Yes for Housing Opportunity” proposal.
A historic zoning proposal to enable the creation of a “little more housing in every neighborhood,” and invest $5 billion towards critical infrastructure updates and housing. The announcement comes after the New York City Council Subcommittee on Zoning and Franchises and Committee on Land Use’s vote to approve this proposal.
As New York City faces a generational housing crisis with just a 1.4 percent rental vacancy rate, the proposal would allow for the creation of up to 80,000 new homes over the next 15 years and help lower the cost of rent for New Yorkers across the five boroughs. The City of Yes proposal alone exceeds all the housing created from rezonings during the 12 years of the Bloomberg administration and the eight years of the de Blasio administration.
“Everyday New Yorkers have carried the burden of a generational housing crisis for far too long. Today, in partnership with Governor Hochul, Speaker Adams, and Chairs Salamanca and Riley, we are one step closer to delivering long overdue relief through the ‘City of Yes for Housing Opportunity,’” said Mayor Adams. “Thanks to our shared commitment in building critically-needed housing, we have reached an agreement on a historic plan that could open the doors to a little more housing in every neighborhood in our city — with no borough, block, or backyard left behind. If passed, New York City will, once again, serve as a model to the nation on government’s infinite ability to take challenges head-on, set forth a bold agenda, and get the job done. To my partners in the City Council, let’s say ‘yes’ to City of Yes.”
“New York has a housing affordability crisis and there’s only one way out: build more housing,” said Governor Hochul. “That’s why earlier this year, I fought tooth-and-nail for a major package of reforms and investments that will build thousands of new homes for everyday New Yorkers. We got it done, in part, because of strong partnerships with our colleagues in New York City, and I’m proud to stand with them as they move forward with their plan to build a little more housing in every neighborhood. Now, 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.”
City of Yes for Housing Opportunity invests $5 billion towards the city’s housing and critical infrastructure updates. Mayor Adams is committing $1 billion for housing capital. He is also investing $2 billion in infrastructure projects — to be reflected in upcoming financial plans — that will support investments in sewer and flood infrastructure, street improvements, and open space.
Finally, Mayor Adams will spend $1 billion in expense funding over 10 years in tenant protection, voucher assistance and combatting source-of-income discrimination, flood monitoring, and neighborhood planning. Additionally, thanks to her strong leadership and shared commitment to building housing, Governor Hochul is committing another $1 billion to housing capital over the next five years, subject to state budget approval.
Mayor Adams and New York City Council Speaker Adrienne Adams have made historic investments toward creating affordable housing over the last three years.
In June, City Hall and the City Council agreed on an on-time, balanced, and fiscally-responsible $112.4 billion Fiscal Year (FY) 2025 Adopted Budget that invests $2 billion in capital funds across FY25 and FY26 to the New York City Department of Housing Preservation and Development and the New York City Housing Authority’s capital budgets.
In total, the Adams administration has committed a record $26 billion in housing capital in the current 10-year plan as the city faces a generational housing crisis. This past spring, the city celebrated the largest 100 percent affordable housing project in 40 years with the Willets Point transformation.
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