NYC Solution to Affordable Housing Shortage: Change Rent Rules

March 23, 2016



The New York City Council passed sweeping changes to the zoning code on Tuesday, compelling private developers to build low-cost rental units and handing Mayor Bill de Blasio a victory on the centerpiece of his efforts to blunt neighborhood gentrification.

De Blasio ambitious 10-year plan seeks to preserve 120,000 affordable units and build 80,000 new units across the five boroughs.

Builders now will be required to include below-market-rate units in new buildings if they want to build in areas rezoned for either residential growth or greater height and density. The decision about what level of affordability to apply to a given development — between 40 percent and 80 percent of the median income — is to be determined by the local council member.

De Blasio hopes to create 80,000 new rental units below the market rate. Read the full story from the New York Times here: