NYC Mayor’s State of the City Address Bullish on Construction

NYC Mayor Eric Adams’ third State of the City address on January 24 laid out a vision focused on safety, education, jobs, sustainability and more, and the creation of new housing was a prevalent theme, the NYC Department of Consumer and Worker Protection reported. Under the leadership of Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. and the Housing Development Corp., city agencies financed more than 27,000 affordable homes in 2023. Through partnerships across multiple city agencies, the Adams administration advanced historic projects like the transformation of Willets Point — NYC’s largest 100% affordable housing development in 40 years. As the administration continues to urge state lawmakers to create a tax incentive to convert unused offices into affordable homes and lift the density cap for new construction, Adams announced his new “24 in 24” plan to advance 24 affordable housing projects on public land in 2024 that promise to create or preserve more than 12,000 affordable-housing units.