New York City Mayor Eric Adams has announced progress in the city’s “24 in 24” plan, which aims to advance 24 affordable housing projects on public sites in 2024. The initiative, a key promise from Mayor Adams’ State of the City address, has already surpassed the halfway mark ahead of schedule, with 13 developments currently underway.
Mayor Eric Adams has announced a new initiative within the “City of Yes for Housing Opportunity” proposal that seeks to generate tens of thousands of affordable homes in New York City. The new initiative is targeting areas previously out of reach for many working-class New Yorkers due to an outdated floor-to-area-ratio cap, which historically has restricted the construction of new homes in high-demand zones. The proposal is seeking to lift the floor-to-area-ratio cap in these areas, such as in Midtown, Manhattan.
New York City Mayor Eric Adams recently unveiled a zoning proposal to enable faith-based organizations and other mission-driven nonprofits to construct affordable housing in New York City. The plan, which is part of the “City of Yes for Housing Opportunity” initiative, seeks to address the city’s housing crisis by making it easier to build new homes in every neighborhood.
Governor Kathy Hochul, New York City Mayor Eric Adams, and the Port Authority of New York and New Jersey (PANYNJ) have agreed to work together to finance a $10 billion project to replace and expand the Port Authority Bus Terminal in Midtown, Manhattan. The city has agreed to allocate 40 years of tax revenue from three new commercial developments to fund the project, which has been designed by Foster + Partners. The tax allocation is expected to generate around $2 billion and cover approximately 20 percent of the total anticipated $10 billion cost of construction for the project.
