A new affordable housing policy would require developers to build a certain number of affordable units for low- and middle-income residents when they seek approval to rezone land, Capital New York reports. The plan—called "mandatory inclusionary zoning"—was first announced as a cornerstone of Mayor de Blasio's affordable housing plan, and will be implemented in the coming months.
The mandatory inclusion plan allows for two possible options: one would require developers to designate 25 percent of their units affordable for residents making 60 percent of the area median income, while the second option would require 30 percent of all units to rent to residents making 80 percent of the area median income. However, these options will be chosen by the Department of City Planning and the City Council, not the builders themselves.
The mayor hopes to build or preserve 200,000 affordable units by 2024, and back on the campaign trail, he claimed that mandatory inclusionary zoning could produce around 50,000 of those units.
"This affordable housing will be mandatory and it will be permanent," de Blasio told Capital New York. "These are hard, new requirements that for the very first time set a floor for the affordable housing communities are owed in new development. We look forward to working with neighborhoods, elected officials and the Council to enact the strongest affordable housing requirements in the nation."
The plan must now be approved by the City Council.
· De Blasio plan would link affordable housing, rezoning [CNY]
· All Housing New York coverage [Curbed]