City Council Passes Several Housing Bills in Final 2025 Meeting
Some of the housing bills that were recently passed by the city council during their final meeting in 2025 may “face potential vetoes from Mayor Eric Adams. According to reported estimates by the Housing Preservation and Development (HPD) agency, the combined cost to the city would be “$600 million annually to maintain current construction levels, or else cause a drop of about 3,300 units annually without new funding.” The Community Opportunity to Purchase Act – Introduction 902-B (COPA), “would give qualified nonprofits, or joint ventures between qualified nonprofits and other entities, a first opportunity to submit an offer and purchase certain residential properties when an owner plans to sell the property before it is placed on the open market” according to the council’s December 18 press release. The remaining three bills include – Introduction 958-A, which “would approximately double the production of affordable homeownership opportunities financed by the city requiring that at least 4 percent of all newly constructed affordable units be for homeownership, Introduction 1433-A “would require that, starting July 1, 2027, at least 25% of rental affordable units financed by the city be two-bedroom units and 15% be three-bedroom units,” and finally, Introduction 910-B, also known as the Construction Justice Act “would require housing developers of certain city-funded projects to pay their workers a minimum combined wage and essential benefits package of at least $40 per hour, with no less than $25 for wages. It would also require developers to engage in best efforts to ensure that at least 30% of workers on these projects are New York City residents.”