In a historic move for New York City, Mayor Eric Adams officially signed the “City of Yes for Housing Opportunity” proposal into law, marking a significant milestone in the city’s efforts to address its housing crisis.

The proposal, which aims to build 80,000 new homes while investing $5 billion in critical infrastructure and housing development, was passed with the support of Governor Kathy Hochul, NYC Council Speaker Adrienne Adams, and the New York City Council.

“We landed the plane and made history in New York City, officially signing our #CityofYes for Housing Opportunity proposal into law!” Mayor Adams exclaimed, celebrating the monumental achievement.

The new legislation is poised to have a transformative impact on the city’s housing landscape, addressing the urgent need for affordable housing. While this is an important step forward, Mayor Adams emphasized that the work is far from finished.

“This administration is committed to continuing the work to build even MORE affordable housing, providing stable housing for our unhoused neighbors in need, and bringing the American Dream of owning a home closer to reality for more New Yorkers,” he added.

The passage of the legislation marks a critical juncture in the city’s ongoing efforts to tackle the housing shortage and improve living conditions for its residents, with more steps planned to ensure greater accessibility to affordable homes across the five boroughs.