NYC: Mayor Adams' "City of Yes" Enters New Phase of Public Review

"Mayor Eric Adams’ key initiative to address the city’s housing crisis will soon enter the public review process after long-awaited details on affordability levels were announced on Thursday," reported City Limits. "Introduced in September as the third column in Adams’ City of Yes Initiative—following separate proposals related to climate and commercial businesses—the City of Yes for Housing Opportunity is a broad plan that seeks to tackle the housing crisis with various zoning changes. One component would let developers build about 20 percent more housing than otherwise allowed—so long as the extra units are income-restricted. In order to qualify for the density bonus, dubbed the Universal Affordability Preference (UAP), the additional units need to be permanently affordable to New Yorkers earning an average of 60 percent of the Area Median Income (AMI)—about $76,260 for a family of three."