We took a look at some of the top points discussed in Eric Adams' Housing & Development Plan included within the recently released 100+ Steps Forward for New York City. These three pillars specifically will shape the Commercial Real Estate industry in New York.

Helping New Yorkers in Need

Improve Rent Subsidies To Prevent New Yorkers From Becoming Homeless: By increasing the value of the City FHEPS housing vouchers so they reflect the value of the housing that is actually available in our city, the Mayor-Elect aims to help New Yorkers who have been evicted or are facing eviction, who lost their housing due to a domestic violence situation, or who have lost their housing because of health or safety issues

Streamline The Process To Help New Yorkers Who Are Behind On Their Rent: The city aims to create a common application for those in need of rent relief and allow approved CBOs access to the information. It will also allow an applicant to go to one place to see the status of their various applications for help with paying back arrears

Prioritize Those Who Need Supportive Housing The Most: The Mayor-Elect plans to move up by five years the timeline of the City’s 15/15 Supportive Housing Initiative, which currently aims to create 15,000 units of supportive housing in 15 years. The initiative is focused on New Yorkers in local shelters and young people aging out of the foster care system

Affordable Housing

Allow Private Office Buildings and Hotels to Become Housing: By making some zoning tweaks and other rule changes, the city would make it easier and potentially less expensive to convert hotels and office buildings into housing units

Sell NYCHA’s Air Rights To Raise Billions for NYCHA Tenants: In a move to generate income for capital repairs to NYCHA buildings, the city hopes to sell air rights above existing NYCHA buildings that could potentially add up to $8 billion

Think Big By Building Small: Some single room occupancy units, or SROs, and basement apartments are illegal in New York City, despite their common use elsewhere. By allowing these to be built through law and zoning changes, more affordable housing would become available throughout the city

Add Housing (For Everyone) In Wealthy Neighborhoods: Wealthier areas of the city will welcome additional affordable housing units through upzoning, with those added units potentially coming from the outer boroughs as the Mayor-Elect plans to also eliminate the community preference rule

Tax Plan

Invest New Yorkers’ Taxes In New Yorkers: The city intends to promote a “Loyal to NY” marketing campaign by prioritizing procurement of locally provided services and city-made products for City contracts, and by adjusting building and zoning rules to speed the growth of local manufacturers and producers

Finally tackle property tax reform: The Mayor-Elect will put in place a committee to look at city tax laws and come up with real solutions to alleviate co-ops and condominiums and shift the tax burden off of renters and homeowners in less affluent areas to the owners of pricey apartments in wealthy areas

In sum, in addition to rezoning, Eric Adams plans to encourage affordable housing by developing more buildings with rent stabilized units. Also, he plans to take advantage of upgraded transit systems to the outer boroughs which would potentially boost development opportunities. Finally, as a result of Covid there are increased options to add to the housing supply. The Mayor-Elect will look to convert other building types, with high hopes of making New York City a more livable and affordable city for all to reside and work in.