Mayor Eric Adams unveiled an ambitious “moonshot” goal on Thursday to build 500,000 housing units over the next decade, along with a plan to streamline development regulations that slow down building.
The plan, which would speed up development reviews, reflects the mayor’s growing attention to New York City’s affordable housing crisis. It comes as housing experts, advocates and members of the real estate and business community have urged Adams to make housing a bigger focus of his administration.
The city’s land use review process can take months. Adams said he would shorten the timeline by eliminating certain requirements of the application process, including environmental reviews for smaller buildings.
New York City’s population growth has outpaced housing construction. Over the last decade, the city added 800,000 residents but only 200,000 new homes, according to the mayor.
“It’s not complicated, we have more people than homes.” Adams said during an address at City Hall.
This story will be updated.