The City Council, has Approved Mayor Eric Adams’ (D) City of Yes Plan, which aims to tackle the Housing Crisis.
The $5 billion Plan will Rezone New York City for the first time in Six Decades. It is estimated to create more than 80,000 New Housing Units over 15 years, according to Adams.
Developers will be able to expand Housing Plans by 20%, as long as they includeAaffordable Housing Units.
Here’s What Will Happen:
- Changing Parking Mandate Rules.
- Greenlighting Homes above Storefronts. br />
- Legalizing Basement Apartments.
- Affordability Requirements in Low-Density Neighborhoods.
- Funding and Tax Relief for Accessible Dwelling Unit Developments (Backyard Cottages).
= Promises to work toward more Libraries and Community Centers.
$5 Billion in Costs
- $2 billion for Infrastructure.
- $2 billion for Affordable Housing Development by Financing Private, Mitchell-Lama, and NYCHA. br />
- $1 billion for Public Housing, comes from the $1 billion from New York State.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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