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Will This Be the City That Builds the Most New Houses?

NYC Mayor Aims To Build At Least 100,000 New Homes Over the Next 10 Years

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NYC Mayor Aims To Build At Least 100,000 New Homes Over the Next 10 Years

New York Mayor Eric Adams just proposed the most aggressive push to curb the city’s severe housing shortage. The initiatives include:

  • Residential zoning reform

  • Eliminating parking mandates for certain new-built construction

  • Zoning bonuses for developers that designate at least 20 percent of their units as ‘affordable’

  • Easing the office-to-residential conversion process

  • Legalizing ADU’s (Accessory Dwelling Units)

  • Allowing for 3 - 5 story multifamily properties throughout low-density zoned sections of the city

For decades New York City has been busting at the seams; leaving the city’s growing population with only two options: 1. Pay the highest rent in the nation at $5,550 a month, or 2. Head down to Florida (like many have done since the pandemic) where the temperature’s higher and the cost of living is lower.

But this may all change over the coming years if Mayor Adams is successful in his efforts to boost the amount of available inventory and meet the insatiable housing demand that’s been eating the city from the inside out. He hopes to create a third option for New Yorkers via these sweeping proposals, building incentives and zoning reforms that will allow them to stick around.

Quick Takeaways

  • NYC Mayor Eric Adams Proposes A Number of Housing Reform Proposals to Grapple With the City’s Severe Housing Shortage

  • The Average Rent In Manhattan Currently Sits Above $5,500

  • The Goal Is to Build At Least 100,000 New Homes Over the Next 10 Years

On Another Note 

✺ WeWork Has 30 Days to Pay $95M in Mortgage Interest Payments: The failing co-working commercial real estate firm has been holding out on making payments as they attempt to renegotiate debt terms, but the clock is ticking. — The New York Times

✺ Boston Investment Group Buys Downtown Commercial Building for $12M Below Asking Price: Kendall Capital is celebrating the closing of 33-41 West Street after securing the property for just $4.1M; 74% less than the original $16M asking price. — Bisnow

✺ No Luck for Landlord Groups That Try To Abolish Rent Control: The Community Housing Improvement Program and The Rent Stabilization Association - two New York-based landlord groups - called rent control in its current form ‘unconstitutional’ as mortgage delinquencies and foreclosures spike across the country. But their case has now been shot down by the U.S. Supreme Court. — Bisnow 

✺ Redfin Cuts Ties With NAR In A Nasty Fallout: The National Association of Realtor’s Kenny Parcell recently resigned as President following multiple sexual assault allegations. Redfin has since stepped away from the NAR board, and additionally, instructed all of their brokers and agents that are able to do so, to relinquish all NAR memberships and sever ties with the association. — Redfin

✺ Toys R Us Is Coming To An Airport and Cruise Ship Near You: The struggling children’s store and toy distributor has shuttered a large amount of their existing locations, but the company plans to execute a come-back by setting up shop in airports and cruise ships. — CNN

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