Statement attributable to Tom Wright, President & CEO of Regional Plan Association.

Thanks to the hard work and dedication of housing advocates and city officials, the Zoning and Franchise and Land Use Subcommittees of the CIty Council passed the City of Yes for Housing Opportunity today, the most significant zoning reform in decades. The package doesn’t fully solve our affordable housing crisis, but it is a bold step toward addressing housing needs across the five boroughs.

With low vacancy rates and escalating costs, too many New Yorkers must grapple with housing insecurity - living in unsafe conditions, fearing eviction or displacement, or experiencing homelessness. The high costs drain household budgets and hurt the region’s economy.

It doesn’t have to be this way. New York can be a city that steps up to solve these challenges. And today, we start down a better path to addressing one significant part of the problem: a housing deficit of half million units. As we’ve reported, our region’s housing needs will nearly double if we don’t significantly scale up the production of new housing. This would mean over a quarter of a million new residents becoming housing cost burdened and jeopardizing our city’s global standing.

Today’s vote helps ensure communities across the city will play a role in easing the supply side of the problem, though the exemption of single-family homes from transit-oriented development goes against this shared approach. New York can join other cities around the nation who’ve used simple policy reforms to boost missing middle housing supply. These City of Yes reforms are sustainable, flexible, and connected to our transit network and thriving commercial corridors.

RPA is also pleased to see $5 billion secured to help fund the City for All agenda to develop deeper affordability, address infrastructure challenges, and other actions to operationalize the intent behind City of Yes makes today an even greater win for New Yorkers. This funding will help leverage the enormous economic benefits that housing generates. RPA estimates that passing the full scope of City of Yes would create 15,000 to 30,000 new jobs, generating between $1.1 and $2.1 billion in earnings each year, for an overall economic impact of between $41 and $83 billion. We are grateful that Governor Hochul worked with the City Administration to support these important steps that will help to create a more affordable city.

This proposal is one tool in the toolbox, and we will need to do more to address our affordable housing needs to help all New Yorkers find safe, affordable and quality housing. RPA will urge the Council to vote yes on the package in December, and keep up the drumbeat for change long after the vote.