New York City Mayor Eric Adams signed into law a sweeping zoning reform initiative aimed at addressing the city's ongoing housing crisis. The 'City of Yes' plan is projected to create 82,000 new homes over the next 15 years and involves a $5 billion investment in infrastructure to support affordable housing and tenant protection.
into law during a ceremony on Wednesday, the last stop of a long campaign for zoning reform aimed at ending the ongoing housing crisis .
The “City of Yes” initiative has been met with both anticipation and skepticism from New Yorkers. The City Council approved the plan earlier this month by just an 11-vote margin, 31-20, in a chamber where most measures are passed with overwhelming majorities. The law includes provisions to legalize accessory dwelling units and expand tax benefits for major renovations, aiming to provide financial relief for building owners and enhance housing availability.Yet other council representatives continue to support the proposal and celebrate its passing.
Housing Crisis Zoning Reform Affordable Housing Infrastructure Investment New York City
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