Mayor Adams Celebrates Second Consecutive Year Of Record-Breaking Progress For Affordable Housing

 

Mayor Eric Adams announced that New York City has achieved consecutive record-breaking years for creating affordable housing and connecting New Yorkers to it. In the 2024 fiscal year, the city financed a combined 28,944 affordable and public housing units through new construction and preservation initiatives.

Key accomplishments include financing 25,266 affordable homes through the Department of Housing Preservation and Development and Housing Development Corporation, with a record 14,706 newly constructed homes, 2,155 permanent supportive housing units, and 4,085 units for formerly homeless New Yorkers. The city also converted 3,678 New York City Housing Authority apartments into newly renovated residences through the Permanent Affordability Commitment Together program. Additionally, the Adams administration moved a record number of homeless New Yorkers into permanent housing through the use of City Fighting Homelessness and Eviction Prevention Supplement housing vouchers and affordable housing lotteries.

The Adams administration made key investments and policy changes to support these initiatives. The city has committed a record $26 billion in housing capital in the current ten-year plan and is advancing the “City of Yes for Housing Opportunity” zoning proposal, which could produce up to 108,850 new homes over the next 15 years.

The administration successfully advocated for new tools in the 2024 New York state budget to spur housing creation, such as tax incentives and lifting the floor area ratio cap. In addition, the city has implemented initiatives to cut red tape and streamline the housing delivery process, which include the Green Fast Track for Housing and the Office Conversion Accelerator.

“This new milestone is a testament to what’s possible when industry, government, and non-profit partners work together,” said David Schwartz, co-founder and principal, Slate Property Group. “From ground-up developments that create quality housing to innovative projects that reimagine hotels and offices for urgently needed new homes, we are working hand-in-hand with Mayor Adams to chip away at New York’s housing shortage. We congratulate the administration and all of our partners on this latest achievement.”