Mayor Eric Adams' 'City of Yes' zoning changes aims to boost housing production, with an agreement for a $5 billion funding deal to support affordable housing initiatives.
The City Council, led by Speaker Adrienne Adams, is negotiating to approve a $5 billion housing plan through a collaboration with the mayor's office on zoning changes.
The final deal will significantly modify some of the original proposals of the City of Yes, including easing parking requirements for new residential developments.
Despite amendments being made to appease skeptics, the revised City of Yes is expected to yield only 80,000 new housing units, raising concerns about its effectiveness.
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