Governor Kathy Hochul, New York City Mayor Eric Adams, New York City Council Speaker Adrienne Adams and New York City Department of City Planning Director and City Planning Commission Chair Dan Garodnick celebrated the passage of “City of Yes for Housing Opportunity,” the most pro-housing zoning proposal in New York City history. As the city confronts a generational housing crisis with a 1.4 percent rental vacancy rate, the citywide rezoning will enable the creation of 80,000 new homes over the next 15 years and invest $5 billion, which includes $1 billion in state funding, towards critical infrastructure updates and housing. The City of Yes proposal alone exceeds all the housing created from rezonings during any mayoral administration of the last 50 years, including all of the 12 years of the Bloomberg administration and all eight years of the de Blasio administration.
“Our only shot at solving New York’s affordability crisis is by building more housing — and that’s why I’m committing $1 billion for projects that will make ‘City of Yes’ a reality,” Governor Hochul said. “I signed the most powerful pro-housing legislation in three generations earlier this year, but the work is far from over. That’s why it’s critical for New York City to move forward with zoning reforms that will create more of the homes New Yorkers so desperately need.”
