THE $5 BILLION IN CAPITAL COMMITMENTS AND ZONING REFORMS SIGNAL TRANSFORMATIVE CHANGE FOR NYC’S HOUSING CRISIS: THIS IS A CRUCIAL STEP FORWARD TOWARD AFFORDABLE HOUSING FOR ALL
Bronx, NY — On Thursday, December 5, 2024, the City Council voted to approve the Zoning for Housing Opportunity (ZHO) text amendment with modifications. Bronx Borough President Vanessa L. Gibson is pleased with the City Council’s modifications to the ZHO initiative and the historic $5 billion commitment to affordable housing as part of the City for All housing plan. These measures, coupled with $1 billion from Governor Hochul and the State of New York, represent one of the most significant investments in affordable housing in the city’s history.
“This is a historic moment for New York City, and especially for The Bronx, where the housing crisis has had a tremendous impact on our borough,” said Bronx Borough President Vanessa L. Gibson. “With these zoning reforms and unprecedented investments, we have the tools to produce over 80,000 new homes, preserve affordable housing, and invest in the infrastructure our communities need to thrive.”
The City for All housing plan addresses the housing shortage with comprehensive strategies, including:
- $2 billion for affordable housing development and preservation, including NYCHA, HDFCs, and Mitchell-Lama programs.
- $2 billion for neighborhood infrastructure improvements like parks, flood mitigation, and transportation.
- Adding 200 new staff positions to strengthen the capacity of housing agencies.
- Investments in affordable homeownership programs, tenant protections, and agency capacity.
“These investments are about more than just building homes,” continued Borough President Gibson. “They are about creating opportunity, stability, and equity for Bronx families and New Yorkers across the city. I commend Mayor Eric Adams, Speaker Adrienne Adams, the New York City Council, our Bronx Delegation, the Department of City Planning Chair Dan Garodnick, and everyone else who participated in making this transformative vision a reality.”
“This is our chance to create a Bronx and a New York City that future generations can afford to call home. I urge all New Yorkers to join me in supporting this bold plan.”
Per the New York City Council webpage, a more detailed summary of the $5 billion in commitments to City for All can be found here.
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