New York City has set a new record for affordable housing creation for the second consecutive year. Mayor Eric Adams announced that in 2024, the city built the highest number of units for formerly homeless individuals (4,623), supportive housing (2,761), and senior housing (2,966) in its history. The city also closed financing for 27,620 affordable homes and facilitated nearly 14,654 households moving into affordable units.
A key driver of these records is the city’s investment in public housing and rental assistance programs. In 2024, NYCHA converted 3,887 apartments to Project-Based Section 8, securing $1.7 billion in capital repairs. The administration also strengthened access to CityFHEPS vouchers, leading to a 40 percent increase in shelter exits using city-funded rental assistance. Additionally, Mayor Adams introduced the “Manhattan Plan” to add 100,000 new homes over the next decade and allocated $82 million to expand homeownership opportunities through the HomeFirst Down Payment Assistance Program.
Legislative and policy changes have been a notable driver in supporting these housing initiatives. In 2024, the city passed the “City of Yes for Housing Opportunity” plan, which is projected to add 80,000 new homes over 15 years. State-level changes included new tax incentives for multifamily rental construction, office-to-residential conversions, and the removal of zoning barriers that limited development.
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Interesting policy and I hope all activities will be successful, so I don’t see much news about homeless people’s problems these days: Thanks.
Huh? are you under a rock ? dont read the paper or walk the streets….?
Free housing for the mooching class doesn’t solve anything just makes NYC more a magnet for all the free stuff the govt gives out.
City of yes.