NYC Gets Historic Push for 80,000 Homes With $5 Billion Pledge
- ‘City of Yes’ rezoning plan is approved by key council panel
- Aim is to address city’s worst housing shortage in 5 decades
New York Mayor Eric Adams’ landmark deal with lawmakers on an ambitious plan to build 80,000 new homes came together thanks to a last-minute pledge by the city and state to spend $5 billion on affordable housing and infrastructure.
The rezoning plan, known as City of Yes for Housing Opportunity, passed a key City Council subcommittee hurdle Thursday after the vote was delayed more than six hours while council members tweaked controversial aspects of the deal. It aims to address the city’s worst housing crisis in five decades.