2024 Delivers Second Consecutive Year of Record-Breaking NYC Affordable Housing Creation
A combined total of 10,350 housing units were created in 2024 under the Adams Administration, helping to ease critically needed affordable housing citywide according to the recent press release by the Mayor’s Office. Representing a record-breaking number for the second consecutive year, the units produced included 4,623 units to house formerly homeless people, 2,761 units of supportive housing, and 2,966 units of senior housing. Additional data revealed that the Department of Housing Preservation and Development (HPD) produced 5,931 421-A standalone units in 2024 — a new record for a calendar; and in partnership with New York City Housing Development Construction (HDC) closed on financing for 27,620 affordable homes — 14,145 newly constructed units and the preservation of 13,475 existing units. The news release by New York Yimby further noted that key drivers behind the city’s ability to increasingly support housing initiatives are legislative and policy changes including the passage of the “City of Yes for Housing Opportunity” plan passed last year and new tax incentives offered on the state level to further fuel “multifamily rental construction, office-to-residential conversions, and the removal of zoning barriers that limited development.”