Mayor Bill de Blasio on Monday launched a 10-year plan that he says will be the largest and most ambitious affordable housing program in the country.
Mayor Bill de Blasio says New Yorkers stretching their paychecks to pay for rent will soon get some relief with 200,000 units of affordable housing over the next decade.
"This plan over the next 10 years will create opportunity for so many people who are currently being priced out of our city," de Blasio said.
Eighty thousand would be new, and 120,000 already exist but would be protected by the city.
However, even the mayor admitted that the affordable housing he's trying to build will not necessarily stay affordable forever.
"The main thrust of this plan is to reach the most people as quickly as possible," he said. "In many cases, that will not be with a permanent affordability guarantee."
The mayor said enacting his plan will cost about $41 billion. Officials are banking on getting $30 billion from the private sector. So far, the real estate industry has reacted positively to the mayor's plan.
The goal is to build apartments for everyone from low-income families, who would be asked to pay less than $630 a month in rent, to middle-income families, who might be paying up to $3,400.
The mayor said he will be using zoning rules to require, rather than incentivize, private developers to build more affordable housing.
"Build, baby, build," said Brooklyn Borough President Eric Adams. "Build tall. Build high. We don't have more land, but we do have air rights."
Preserving the city's affordable housing stock is also a significant part of the plan. At one apartment building in the Bronx, a new landlord is fixing up affordable units inside after the old landlord came under scrutiny and fire from de Blasio and others.
The mayor said it's an example of the intense enforcement of housing violations his administration will pursue in the name of saving more affordable housing.
Web Extra: Watch the mayor's full announcement
TWC News: Mayor Unveils 'Ambitious' 10-Year Affordable Housing Plan
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