Eric Adams unveils plan to solve housing crisis, build thousands of affordable homes

In a bid to combat New York City’s housing crisis, Mayor Eric Adams has revealed a groundbreaking initiative aimed at constructing tens of thousands of affordable homes in areas where many working-class residents struggle to afford housing.

This move comes as part of the administration’s ambitious “City of Yes for Housing Opportunity” proposal, which seeks to address the pressing issue of housing affordability in the city.

At the heart of the initiative is a proposal to lift the outdated restriction on new residential construction, known as the floor-to-area-ratio (FAR) cap, which currently limits the number of new homes that can be built in high-demand areas like Midtown Manhattan.

The Adams administration’s plan involves introducing a new zoning tool to allow for increased density of residential buildings while mandating the creation of permanently affordable housing across the city.

Mayor Adams emphasized the urgency of addressing the housing crisis, drawing from his own experiences of growing up on the brink of homelessness. He called on lawmakers at all levels of government to support efforts to provide New Yorkers with the safe, secure, and affordable housing they deserve.

Deputy Mayor Maria Torres-Springer echoed the sentiment, stressing the need for comprehensive action to tackle the severity of the housing crisis. She emphasized the administration’s commitment to implementing bold solutions and urged government partners to join in their efforts.

The proposal hinges on state lawmakers lifting the FAR cap, after which new residential projects undergoing rezoning could benefit from the new zoning tool. This would enable projects to build significantly more housing while also mandating that a portion of it be permanently affordable through Mandatory Inclusionary Housing.

Highlighting the importance of equitable housing development, the New York City Department of City Planning released “rezoning lookback” reports, which examined past zoning changes and their impact on housing production. These reports underscored the necessity of building more affordable housing across the city to address the housing crisis effectively.

In addition to calling for the lifting of the FAR cap, the administration has urged Albany lawmakers to enact further measures to promote affordable housing, including tax incentives and support for basement and cellar apartment legalization.

The “City of Yes for Housing Opportunity” initiative represents a significant step forward in addressing New York City’s housing challenges. With a focus on creating affordable housing in every neighborhood, the administration is committed to ensuring a more sustainable, prosperous, and affordable future for all New Yorkers.