As New York Mayor Eric Adams' first year in office draws to a close, he's ready to take aim at one of the largest problems escalating across the city: an acute housing shortage that has driven up the cost of renting and buying a home
this year. But the mayor and his team believe the overhaul they’re proposing will ultimately help renters by creating more homes and thereby lowering costs.
The plan calls for 111 reforms to the city’s labyrinth zoning and building approval process, 14 of which will require Council approval. Another two will need action from state agencies, and the administration can implement the remaining 95 on its own. Officials say the changes would save about $2.5 billion annually, translating into some 50,000 additional homes over the next ten years.
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