Mayor Eric Adams announced that New York City has achieved consecutive record-breaking years for creating affordable housing and connecting New Yorkers to it. In the 2024 fiscal year, the city financed a combined 28,944 affordable and public housing units through new construction and preservation initiatives.
Key accomplishments include financing 25,266 affordable homes through the Department of Housing Preservation and Development and Housing Development Corporation, with a record 14,706 newly constructed homes, 2,155 permanent supportive housing units, and 4,085 units for formerly homeless New Yorkers. The city also converted 3,678 New York City Housing Authority apartments into newly renovated residences through the Permanent Affordability Commitment Together program. Additionally, the Adams administration moved a record number of homeless New Yorkers into permanent housing through the use of City Fighting Homelessness and Eviction Prevention Supplement housing vouchers and affordable housing lotteries.
The Adams administration made key investments and policy changes to support these initiatives. The city has committed a record $26 billion in housing capital in the current ten-year plan and is advancing the “City of Yes for Housing Opportunity” zoning proposal, which could produce up to 108,850 new homes over the next 15 years.
The administration successfully advocated for new tools in the 2024 New York state budget to spur housing creation, such as tax incentives and lifting the floor area ratio cap. In addition, the city has implemented initiatives to cut red tape and streamline the housing delivery process, which include the Green Fast Track for Housing and the Office Conversion Accelerator.
“This new milestone is a testament to what’s possible when industry, government, and non-profit partners work together,” said David Schwartz, co-founder and principal, Slate Property Group. “From ground-up developments that create quality housing to innovative projects that reimagine hotels and offices for urgently needed new homes, we are working hand-in-hand with Mayor Adams to chip away at New York’s housing shortage. We congratulate the administration and all of our partners on this latest achievement.”
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Congratulations, really. Anyone who’s tried to develop any kind of housing in NYC knows how difficult it is; undoubtedly the most difficult housing environment in the country, even with all these new incentives.
But the influx of migrants basically doubled the homeless population over 3 years of Mayor Adam’s administration, and affordability hasn’t been this bad in 50 years, if not longer because SROs and other solutions back in the 1960s simply don’t exist anymore. The rise in single family households and related decline in total family income has only exacerbated the problem (those single dads who don’t live with their children have to be housed somewhere too). Every apartment needs a bathroom and a kitchen, even if there’s only one person or parent.
Even the trend towards more “luxury” units with great floor area SF and 10′ ceilings instead of 8′ ceilings, has meant fewer units overall.
Challenging lot sizes and overuse of landmark status has ruled out huge areas of the city for development.
And NIMBYs have, ironically, only increased as the city has gotten more densely populated.
The city will have to get more creative with housing and social policies to address the myriad causes behind the affordability crisis for it to ever be resolved.
We need more building low income Bronx NY.
If census numbers are to be believed, NYC has lost over 560,000 people since the pandemic. Only the losses during the terrible ’70s was worse. But apartment rents keep going up. Anyone here old enough to remember if rents went up during the ’70s too, or is something else at play?
Census numbers are estimates that disregard a lot of mere changes in primary v secondary residence as people with two homes changed emphasis during Covid.
The now-secondary residences are not vacant.
And they’re estimates.
Here’s an instructive factoid.
In early 2013 Google announced a reduction of about 900 of its 13,000 NYC employees. It did lay them off.
Later in the year google required all employees to declare a home city. 14,000 said New York. So yes, a lot of people working from home came here.
A couple things here:
Since the pandemic shift to remote work, people value more space per person. It makes perfect sense. There will continue to be demand. Fewer remote workers want to pack into too-small apartments, so you have higher demand even absent any population growth.
Household sizes are getting smaller. This is a long-term nationwide trend, even worldwide at this point. People are having fewer kids, and the baby boomers are aging in place. So total population and demand for housing units aren’t perfectly in synch the way you might assume.
The Census Bureau’s annual estimates have to be taken with a grain of salt. They’re especially bad at estimating immigration from abroad. We’ll see what we look like for the 2030 Census. I put money on our population being significantly higher than 2020. This is not the 70s era of secular urban decline.
Moving about 4,000 NYCHA units from one box to another isn’t creating affordable housing. And ‘completions’ include housing planned and started in previous administrations.
Cool. Now let’s start having city employees remove all those key boxes that clearly mark where the illegal Airbnb’s are (use proceeds from fines to offer an incentive for citizen reporting to make this more efficient) and recognize that rental pricing software like RealPage violate sections 1 and 2 of the Sherman Act. And stop subsidizing artificially low property taxes on single family homes at the expense of everyone else.
rents constantly going up, AMI for the affordable housing constantly keeps rising, despite the very small good news on some housing, more people are becoming homeless because of the rents, workers wages moving like a snail or not moving at all, NYC leads with building more housing, but the majority of those apartments will be for the highest incomes that the average person can’t afford, segregated neighborhoods still persist, the mayor, the governor and others shouldn’t celebrate to fast, NYC is still in a affordable housing crisis, I mean a truly affordable housing crisis
Nice photo op but the reality is if there is a housing shortage you don’t bring in more people and then fully support them using tax payer dollars. We have so many people in NYC that seem to get forgotten by the fed state and city governments this is not a win. Nothing that this man has done has helped anyone but him and his party. Everything else is marketing and manipulation. If he really cares about anyone in NYC he wouldn’t use resources meant for those who are legally in the country. Let’s hope this is his last term and someone competent takes over.
Yea. Even though there’s supposedly outflow of populations (I bet the census only surveys legal residents), we have influx of new illegal population
I hope and pray that they all move into your neighborhood.
I see that Adam’s reelection push is startinga bit early at YIMBY. The term “affordable apartments” is a cruel joke, a harsh hoax, for the great majority of New York City renters – renters who all too ofyen are modern day serfs exploited by thoose owners whose greed is insatiable. Well, what does one expect from Eric , the darling of the Real Estate Industry? Adams struts & shouts in his hour on the stage, with his whining, his scare tactics, his scapegoating & his endless bravado & bluster – full of sound & fury, but sadly signifying nothing Don’t forget to contribute to his legal defense fund! Don’t think of it as a bribe. Think of it as an investment.