NYC unveils plan to build more affordable housing in wealthier neighborhoods

 New York City unveiled a new plan Tuesday to build more affordable housing in wealthier neighborhoods across the city.

Mayor Eric Adams says the initiative would create new affordable and mixed-income homes across the city.

The city will provide subsidies to projects that fit the criteria. It would set aside units in buildings for those who fall under the categories of extremely low-income and homeless.

To achieve it, officials say they will leverage higher revenue from market rate units to use on affordable housing projects.

"New York City is in the midst of a housing and affordability crisis, so we must explore every creative idea to deliver the relief New Yorkers need," Adams said. "As someone who grew up on the edge of homelessness, allowing New Yorkers to feel insecure about their housing situation is simply unacceptable. The Mixed Income Market Initiative is an example of how our administration is refusing to accept the status quo, and, instead, is relentless in our efforts to accelerate housing production, cut red tape, and get New Yorkers into safe, quality, and affordable homes."

Applications for contractors to build mixed-income apartments are currently open and will be accepted through the end of February.

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