Adams Announces Record Number of Affordable Homes Created in 2023

Adams Announces Record Number of Affordable Homes Created in 2023

By Forum Staff

Mayor Eric Adams on Thursday announced that his administration has broken records for producing much-needed affordable housing amid a severe housing shortage in the five boroughs.

As private construction activity slows following the expiration of an affordable housing creation tool, Adams reiterated an urgent call for state lawmakers in Albany to partner with Gov. Kathy Hochul and provide the City with critical tools — including a new affordable housing tax incentive, a pathway to make basement and cellar apartments safe and legal, a tax incentive to turn empty office buildings into affordable homes, and the lifting of a cap on density for new construction — to create the new housing New Yorkers need.

City Housing Preservation and Development also directly connected more New Yorkers to homes than ever before, bringing nearly 13,000 households into affordable units this calendar year. Nearly 10,000 of those connections were through Housing Connect lotteries and 3,000 households left shelter to move into HPD homeless set aside units, an increase of more than 30 percent from 2022 to 2023. Late last year, the administration announced that permanent housing placements from shelter using CityFHEPS vouchers increased 10 percent during the first three months of Fiscal Year 2024 (FY24) compared to the first three months of FY23.

Overall, HPD and HDC financed a total 27,911 units in calendar year 2023 through new construction and preservation deals, and increase of 80 percent from 2022, fueled by a 47 percent increase in the financing of new affordable homes. The Adams administration additionally continued to prioritize new homes for the most vulnerable New Yorkers — setting records by creating 3,926 new homes for New Yorkers who formerly experienced homelessness and 1,670 new supportive homes with restricted rents and social services.

To accelerate housing production and deliver relief to New Yorkers, the Adams administration has advanced a number of creative solutions, including an office conversation accelerator, new proposed rules to streamline approvals for sustainable housing, a “Housing-at-Risk Task Force,” and several pilot programs to help fund the creation of accessory dwelling units, help move New Yorkers out of shelters and into renovated apartments, and fuel mixed-income development in neighborhoods across the city, among other innovative efforts.

Lifting the city’s impressive 2023 numbers are major development projects closed by the Adams administration over the last year, including new housing projects at Willets Point, the JFK Hilton Hotel Conversion, The Peninsula in Hunts Point, and more. The administration also advanced several robust neighborhood planning efforts to deliver more housing and economic opportunities and investments to Central Brooklyn, Midtown South, South Richmond, Long Island City, Jamaica, and the Metro North station area in the Bronx, among others.

The City’s accelerated new housing production in 2023 stands in contrast to the private housing market where construction slowed, driven in part by the loss of the 421-a incentive program and the absence of action in Albany to replace it.  According to the Department of City Planning Housing Database, new unit permits dropped by approximately 84 percent between the first six months of 2023 and the first six months of 2022.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>