According to the Independent Budget Office, previous zoning incentives have often depended on direct public subsidies to achieve true affordability. Their report emphasizes that merely increasing density does not inherently guarantee deep affordability in housing.
The report specifically pointed out, 'Density bonuses alone have not driven deep affordability,' highlighting the essential role of city subsidies alongside zoning reforms to truly support low-income housing development in New York.
As city lawmakers deliberate the 'City of Yes' zoning package, there is a push for larger capital funds to bolster affordable housing initiatives, reflecting concerns that existing budget measures may not suffice.
With the city allocating $26 billion for affordable housing, negotiators see this moment as pivotal to secure additional funding required for deeper affordability through various measures.
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