Mayor Eric Adams has ordered NYC agencies to review their properties for potential affordable housing sites to address the city’s severe housing shortage, aiming to build 500,000 new homes by 2032.
Mayor Eric Adams Pushes for Affordable Homes in NYC
According to CBS News, New York City Mayor Eric Adams is taking new steps to find land for affordable homes. He signed an executive order asking city agencies to review their properties to see if they can be used for building new homes. The mayor is especially interested in city-owned land along the waterfront, which has lots of space that could be used for housing.
With the city’s rental vacancy rate at just 1.4%, finding places to build new affordable homes is crucial. Officials are looking at all kinds of city properties, like old sanitation buildings and unused sites, for potential housing developments. The city has a big goal of adding 500,000 new homes by 2032, so every possible site is being considered.
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New York City Aims to Build 500,000 Affordable Homes by 2032: Mayor Eric Adams’ New Executive Order Tackles Critical 1.4% Rental Vacancy Rate and 578 Miles of Undeveloped Waterfront (PHOTO: The Real Deal)
City Officials Focus on Affordable Homes Development, Avoid Parks; Legal Aid Society Calls for Additional Tenant Protections
City officials are moving quickly but are careful to avoid using parks or other protected areas. While the Legal Aid Society supports the mayor’s plan, they are also calling for more tenant-friendly measures, like rental subsidies and limits on rent increases for stabilized apartments.
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