NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and committee on land use have approved a proposal to invest $5 billion in affordable housing and related infrastructure. The initiative paves the way for the development of roughly 80,000 new rental units throughout New York City over the next 15 years.
Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development, as well as infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental vacancy rate of 1.4 percent, according to city officials.
Of the $5 billion total price tag, the state of New York will provide $1 billion for housing capital over the next five years, subject to budgetary approval processes.
Additionally, the City of New York is committing $1 billion for housing capital, as well as $2 billion for projects that will support investments in sewer and flood infrastructure, street improvements and open space. Finally, the city plans to spend $1 billion in expense funding over 10 years in flood monitoring, neighborhood planning, tenant protection, voucher assistance and combatting source-of-income discrimination.