Mamdani Announces Plan To Address NYC's Housing Crisis 'Block by Block'

A plan aims to address New York City’s housing crisis by building 200,000 new affordable homes and preserving or stabilizing 200,000 existing homes over the next decade. The plan is backed by more than $22 billion in funding over five years in the mayor’s first executive budget. It sets ambitious production and preservation targets while protecting tenants and homeowners. It includes investment in public housing and emphasizes good-paying, safe jobs for workers building housing. The plan responds to extremely low rental vacancy rates and widespread shelter use, with 100,000 people sleeping in shelters on an average night. The approach seeks to balance building new housing with protecting people already struggling to stay housed.

"“We are setting the most ambitious housing production and preservation targets in the city's modern history-and backing them up with investments to match-while also protecting tenants and homeowners, investing in public housing, and ensuring the workers building that housing have good-paying, safe jobs.”"

"“Block by Block shows how New York City can do exactly that.” “We must fight for both the tenants of today and the tenants of tomorrow,” the mayor said."

"The report cites a 1.4% rental vacancy rate, the lowest in a half-century, and says 100,000 New Yorkers sleep in shelters on an average night."

"Mayor Zohran Mamdani announced a sweeping plan to confront New York City's housing crisis “block by block,” setting a goal of building 200,000 new affordable homes and preserving or stabilizing another 200,000 existing homes over the next decade."

Read at Real Estate News & Insights | realtor.com