5 billion dollars for housing! - New York's historic move to tackle worst crisis in 5 decades
New York Mayor Eric Adams' historic 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 the 'Yes City for Housing Opportunity,' passed a key City Council subcommittee hurdle after the vote was delayed more than six hours as council members amended controversial aspects of the deal. It aims to tackle the city's worst housing crisis in five decades.
Key to securing council members' support was the Adams administration's promise to allocate $4 billion, as well as a promise by Gov. Kathy Hochul to provide an additional $1 billion in next year's budget. The money will be used for affordable housing, sanitation, flood protection and other infrastructure improvements.
The rezoning plan now faces a full vote in December by the City Council, where it is expected to pass.
The plan's progress is a significant victory for the embattled mayor, who was indicted in September on federal corruption charges. Adams, whose approval ratings have plummeted, had been largely absent in recent months from the public campaign to pass the rezoning.
The original plan called for removing parking space requirements to ease development approvals and make them cheaper to build, which developers have said has made housing more expensive or scarce. Many other densely populated US cities, including Austin and San Francisco, have eliminated parking minimums for new developments.
Instead, the new plan will divide the city into three levels with different parking space requirements. In large areas of Staten Island and Queens, parking spaces will still be required after lawmakers from those areas said the mandates are necessary. The most controversial elements of the plan were curtailed and the number of housing units expected to be created fell from 109,000 new units over 15 years to roughly 80,000, housing advocates hailed the plan as historic.
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