New York City is a bustling metropolis, where land is scarce and new developments come from construction rather than expansion. Mayor Adams has declared a set of policy objectives to stimulate housing production, which include zoning for economic opportunity, zoning for housing opportunities, zero-carbon zoning, investment and planning around new workplaces and commercial corridors, and initiatives to reduce bureaucracy and focus equity in planning. The plan also includes efforts to allow the use of innovative construction methods and materials, as well as initiatives to make the New York region more affordable and competitive for generations to come. The Citizens Budget Commission (CBC) has proposed actions that New York City and State legislators can take to boost production. These policies are among the first of their kind in a densely populated urban environment such as New York City.
They help absorb demand from homes that would otherwise raise rents elsewhere, while also helping the City meet its fair housing objectives by generating affordable units in neighborhoods with high opportunities through the Affordable New York program (commonly known as 421-a) and inclusive housing programs. A strong regional housing production is essential to support mobility, accessibility and affordability, and the New York City region's extensive transportation system can and should support a dynamic regional housing market. Mayor Adams has committed to working in partnership with Governor Kathy Hochul, legislative leaders, federal partners, community leaders, including the religious community, to promote a shared regional agenda. To ensure that these policies are successful in reviving New York City's urban landscape, it is important to focus on streamlining bureaucracy and reducing red tape. This will help speed up the process of creating new housing units and make it easier for developers to build.
Additionally, it is important to invest in infrastructure projects that will improve access to public transportation and create jobs. Finally, it is essential to create incentives for developers to build affordable housing units in areas with high opportunity.
Leave Reply