"New York voters, already preparing to elect a new mayor, are also voting on four referendum questions that, if approved, will amend the City Charter in ways that drastically limit the power of individual City Council members to kill development projects. Voting to get affordable housing built significantly more quickly might be even more important than who we put in charge of City Hall for the next 48 months."
"Even in the 1960s, production moved twice as fast as at present. By comparison, project approvals take only 30 days in Houston, compared to 15 months in San Francisco, according to a RAND study - but in New York, it takes an average of 2.5 years to secure zoning changes before a project can break ground, which adds an estimated 11 to 16 percent to the cost of building housing."
Voters are deciding four referendum questions that would amend the City Charter to sharply reduce individual City Council members' ability to block development projects. Faster approvals aim to accelerate affordable housing construction and address the affordability crisis. Historical data show much higher production: nearly 730,000 homes in the 1920s and double the 1960s pace compared to today. Project approvals are far slower than in other cities, with New York averaging 2.5 years to secure zoning changes, adding roughly 11 to 16 percent to construction costs. The current 1.4 percent vacancy rate underscores the need for 500,000 to 1,000,000 new units over the next decade.
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