Mayor Eric Adams is celebrating a significant milestone for New York City's economy following the City Council's approval of the "City of Yes for Economic Opportunity" proposal.

This new plan aims to modernize outdated rules that have been in place since the 1960s.

Here’s what you need to know:

It was a "Yes" from the New York City Council on Thursday. The "City of Yes for Economic Opportunity" initiative is designed to update zoning regulations to foster economic growth, support small businesses and create jobs. The City Council has also introduced modifications to include environmental, health and quality-of-life protections, ensuring a balanced approach that benefits both businesses and neighborhoods.

“It’s time for a liftoff, and that liftoff starts today with the City of Yes initiative,” Adams declared while touting the proposal back in April.

This initiative is the second in a series of three “City of Yes” initiatives from the Adams administration. The first was the "City of Yes for Carbon Neutrality," and the third will be the "City of Yes for Housing Opportunity."

Celebrating the passage of the proposal, Adams released a statement saying, "We have taken another historic step to bring our city’s zoning code into the 21st century and build a more inclusive and prosperous economy."

Adams has emphasized that this proposal will help fill empty storefronts and make neighborhoods more lively. Key changes include:

The Adams administration is enthusiastic about these changes and is now focusing on the next step: developing a plan to build more housing.