Overview

• The City Council passed the 'City of Yes for Housing Opportunity' zoning reform package in a 31-20 vote, marking a significant step to combat NYC's housing shortage.
• The reforms will allow for increased housing density citywide, including accessory dwelling units, reduced parking mandates, and easier office-to-residential conversions.
• The plan is expected to create 80,000 new housing units over 15 years, though this is 20,000 fewer than originally proposed due to concessions made during negotiations.
• City Council Speaker Adrienne Adams secured a $5 billion funding commitment for affordable housing and infrastructure improvements as part of the deal.
• The reforms faced opposition from some suburban districts concerned about density and parking changes, but proponents argue it is a critical move to address skyrocketing rents and low vacancy rates.