Will New York Say “Yes” to More Housing?
As a New Yorker, you know that housing availability and affordability are critical issues. The ongoing housing shortage hurts New Yorkers and threatens the city’s economic vitality.
In early December, the New York City Council is expected to enact or reject the Adams Administration’s plan to change the zoning code in ways that would allow faster, easier, and cheaper development of an estimated 100,000 units of new housing across the city.
Known as the City of Yes for Housing Opportunity, this plan would allow housing development that is consistent with neighborhood scale, close to mass transit, and in locations where it is currently prohibited. To reduce costs, it would make certain amenities like parking optional rather than mandatory. It would also provide incentives for developers to include more affordable housing in their projects, without deep public subsidies.
The significant shortage of housing in the city has pushed up rents and home purchase prices to unaffordable levels. New York is the most expensive city in the country and the third most expensive in the world. There is a desperate need to build more housing at a lower cost, and that is what City of Yes can help accomplish.
The Debate: While supporters see City of Yes as a lifeline for addressing the housing crisis, opponents worry that increased housing might change the character of neighborhoods, overcrowd schools, strain infrastructure, aggravate parking problems, and reduce the power of Council members and Community Boards to negotiate terms for development. Others believe any new housing should prioritize lower-income households.
Next month, the City Council will make a pivotal decision. Whether you are for or against City of Yes, we hope you’ll join us in making your voice heard.
Fast Facts
🏘️ The city’s housing vacancy rate has reached a multi-decade low of 1.4% — we need closer to 7% for a healthy housing market.
📈 Over the past two decades, housing costs have significantly outpaced inflation.
💰 More than half of renters are considered rent-burdened, spending over 30% of their income on rent.
