Mayor Eric Adams has proposed an ambitious housing agenda named the “City of Yes,” aiming to address New York City’s housing crisis and alleviate high rents. Unveiled at the end of September, this proposal aligns with the “Yes in My Backyard” (YIMBY) movement, with a goal to construct 100,000 new homes over 15 years by easing zoning restrictions.

Key measures include the elimination of mandates for parking in new developments, the legalization of dorm-style shared housing, and the approval of accessory dwelling units, which include unregulated basement apartments susceptible to flooding. Moreover, it would provide affordable housing developers an advantage by permitting a 20% expansion of apartment buildings when the additional units created are affordable.

It could address the city’s acute affordability problem, where over half of NYC residents currently face rent burdens. Additionally, it seeks to rectify the housing-jobs imbalance, with the city creating 800,000 jobs over the past decade but only about 200,000 housing units. It also aspires to establish an inter-agency task force to expedite office-to-residential conversions and contribute to the revival of the Metropolitan Transportation Authority by facilitating transit-oriented development around bus and subway stops in the outer boroughs.

(source: bloomberg.com)