November 25, 2024
Investments will strengthen affordability, homeownership, neighborhood infrastructure, tenant protections, agency capacity, and planning efforts while advancing zoning reforms to produce over 80,000 new homes
City Hall, NY – The New York City Council highlighted the $5 billion in commitments the Council secured for its City for All housing plan, as part of its agreement on the Zoning for Housing Opportunity (ZHO) citywide zoning text amendment. Together with modifications to ZHO, it is one of the most significant housing plans in New York City history, with $1 billion committed by Governor Kathy Hochul and the State of New York. The agreement is estimated to produce 80,000 new homes and invests in solutions that deepen the affordability of housing, support affordable homeownership, bolster neighborhood infrastructure, preserve affordable housing (including NYCHA), protect tenants, strengthen housing agencies’ capacities, and support new planning efforts that can produce more housing. The Council put forward City for All to advance a holistic housing plan that could support working- and middle-class New Yorkers and invest in solutions that met their housing needs, recognizing that zoning reform was only one part of addressing the housing crisis. City for All to advance a holistic housing plan that could support working- and middle-class New Yorkers and invest in solutions that met their housing needs, recognizing that zoning reform was only one part of addressing the housing crisis.
“The committees’ approval of the Council’s comprehensive housing plan to modify the Zoning for Housing Opportunity text amendment with major investments in City for All demonstrates that it is possible to create a significant amount of new housing in every neighborhood, while respecting neighborhood character and investing in more affordable housing, communities, and homeownership,” said Speaker Adrienne Adams. “Today is an important step forward to address the city’s housing crisis that is making it unaffordable for working- and middle-class New Yorkers. Residents of our city need affordable and stable homes to rent and own and addressing that shortage, while supporting existing homeowners and tenants, deepening affordability, and strengthening the infrastructure of neighborhoods, are goals we must all share for a safer and stronger city.”
A more detailed summary of the $5 billion in commitments to City for All can be found here.
