New York City Mayor Bill de Blasio has officially unveiled his new home affordability plan after first mentioning it during his 2013 mayoral campaign. Per The Wall Street Journal:
The article explained that on Friday the mayor released details of a proposal for a program of “mandatory inclusionary zoning,” saying it would entail “the strongest affordable-housing requirements in the nation.”
The plan requires that at least one in four apartments in new buildings in rezoned areas be kept affordable for the entire life of a project, city officials said, a stronger requirement than in other cities.
The plan already won over some previously skeptical business leaders.
Carl Weisbrod, chairman of the City Planning Commission, said the plan is “by far the most aggressive and sweeping” of its kind in any city in the country. He said it reflects in part New York’s strong real-estate market, in which developers’ profits on market-rate apartments help them include affordable units in their projects.