To accommodate a population of over nine million New Yorkers by 2040, the city will need at least 3.7 million housing units throughout the five boroughs.
Challenges & Opportunities
Housing is in high demand and short supply, as the population continues to grow and housing production lags demand. In 2014, almost 56% of New York City renter households paid more than a third of their income toward housing costs, with 30% paying more than half of their income toward rent.
To ensure that all New Yorkers have access to housing they can afford, we must produce and preserve affordable units, increase the overall supply of all types of new housing, and coordinate with regional partners to stimulate production of more housing to meet demand.
Create and preserve 200,000 affordable housing units over ten years to alleviate New Yorkers’ rent burden and meet the needs of a diverse population. Support efforts by the private market to produce 160,000 additional new units of housing over ten years to accommodate a growing population.
To do this, we will maximize the use of City-owned land for new housing, expand preservation efforts, and engage community organizations, local residents and sister agencies when planning new initiatives.
Support efforts by the private market to produce 160,000 units of market rate housing over ten years to accommodate a growing population.
By establishing a Mandatory Inclusionary Housing program, new housing developments will include a percentage of permanently affordable housing.
Support efforts to create new housing and jobs throughout the region.
Providing housing and convenient transit options in and around New York City will strengthen the region's future economy, while also increasing locational options for the region's workforce to live.
Expand housing and related services to support the City's most vulnerable populations.
We will provide community-based resources to promote strong, safe neighborhoods and livable communities for all New Yorkers, including the homeless, seniors, youth who age out of foster care, and formerly incarcerated people.