Can NYC Ease Housing Costs With ‘City of Yes’ Proposal?
October 03, 2023 by Mayor Eric Adams’ “City of Yes” proposal aims to address New York City’s housing affordability crisis by lifting zoning restrictions to permit 100,000 new homes over 15 years. The plan includes eliminating parking mandates, legalizing dorm-style shared housing, and allowing accessory dwelling units. Experts, however, question if the proposal is ambitious enough to significantly reduce housing costs. The plan also seeks to promote transit-oriented development around bus and subway stops in the outer boroughs34. While the proposal has potential, it faces challenges such as high interest rates, rising insurance costs, and the need for broad political support.