New law provides framework to bring more affordable housing to NYC
City agencies will be working together to grow the affordable housing market in New York City, thanks to a new bill signed into law on Wednesday.
Mayor Eric Adams signed the law, also known as the Fair Housing Framework. Adams says that this law will help the city look “at who has been bearing the brunt… for the City when it comes to building housing and who has pretty much opted out."
Some City Council districts, like District 4, only have built 500 affordable homes in a seven-year period. In comparison, District 17, which includes East Tremont, has built 8,500 affordable homes in the same timeframe, according to the New York Housing Conference.
City agencies, like Housing Preservation and Development and City Planning, will now be required to provide a fair housing plan every five years that will be made up of supportive housing goals and what the city will need to work with to accomplish those goals.
The year after the plan, agencies will be required to make a second report that provides a deeper break down of what goes into each City Council district based on climate vulnerability and other factors.
Agencies are required to create the plans starting in 2025 and borough-wide hearings will be held for the plans.