"Voters have endorsed efforts to make development more efficient. But streamlining alone will not help solve the housing crisis if the city's agencies lack the resources to implement these reforms, or if rent-stabilized homes fall further into distress. As New York City voters elected Zohran Mamdani as their next mayor with his promise of a rent freeze, they also sent a message to the city that they want more housing development, and they want it faster, when they approved pro-housing ballot measures."
"Currently, projects languish in the zoning review process typically for more than two years, which can "increase development costs by 11 percent to 16 percent, depending on a project's size and financing, assuming no other changes in a project's scope," a report from the Citizens Budget Commission found. Development teams routinely take on significant pre-development debt and every delay increases costs, undermines feasibility, and shrinks the pipeline of new affordable homes."
Zohran Mamdani was elected mayor with a promise of a rent freeze, while voters approved pro-housing ballot measures to speed housing development. Incoming administration must accelerate affordable housing production while protecting over one million rent-stabilized apartments. Strategy should address capacity shortfalls at the Department of Housing Preservation and Development (HPD) and rein in rising operational expenses that threaten rent-stabilized stock. Zoning reviews currently typically take more than two years, increasing development costs by 11–16 percent depending on project size and financing. Delays cause development teams to incur significant pre-development debt, undermine feasibility, and shrink the pipeline of new affordable homes.
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