In a landmark move to address New York City’s urgent housing crisis, Mayor Eric Adams and Governor Kathy Hochul have announced the approval of the “City of Yes for Housing Opportunity” proposal.

This historic zoning reform aims to build up to 80,000 new homes over the next 15 years and commits $5 billion to critical infrastructure and housing, offering hope for more affordable housing options across all boroughs.

The New York City Council’s Subcommittee on Zoning and Franchises and the Committee on Land Use approved the proposal, setting it on the path to reshape the city’s housing landscape. Mayor Adams highlighted the impact of the housing crisis on everyday New Yorkers, saying, “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.’”

The City of Yes plan seeks to alleviate the city’s housing shortfall, marked by a mere 1.4% rental vacancy rate, which has driven up costs for New Yorkers. The proposed reforms are expected to surpass the housing output of both the Bloomberg and de Blasio administrations combined. Mayor Adams emphasized the inclusivity of the approach, noting it will bring “a little more housing in every neighborhood — with no borough, block, or backyard left behind.” He urged city leaders to join him in passing the proposal, stating, “To my partners in the City Council, let’s say ‘yes’ to City of Yes.”

Governor Hochul echoed this sentiment, emphasizing the state’s support: “New York has a housing affordability crisis, and there’s only one way out: build more housing. 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.” Hochul pledged an additional $1 billion in state support for affordable housing in New York City, pending budget approval, underscoring the need for an “all hands-on deck” approach to make New York more affordable.

The City of Yes initiative also includes comprehensive infrastructure improvements. Mayor Adams committed $1 billion for housing capital and an additional $2 billion in infrastructure projects. This funding will support sewer and flood infrastructure, street improvements, open spaces, and tenant protection initiatives, including a $1 billion allocation over 10 years for tenant protections, voucher assistance, and combatting source-of-income discrimination.

The Adams administration has already made significant investments in affordable housing, with a historic $26 billion housing capital commitment in the city’s 10-year plan. Earlier this year, the administration celebrated the largest 100% affordable housing project in four decades with the transformation of Willets Point, marking a new era in New York City’s housing strategy.