Mayor Eric Adams laid out an ambitious goal for housing production in the city, calling for New York to add 500,000 homes in the next decade in a speech Thursday morning.
The announcement comes amid a longstanding housing crisis in the city and a growing consensus that ramping up residential construction will be a key way out of it.
"In the last decade New York City grew by nearly 800,000 people, but we added just 200,000 homes to our city," Adams said. "It's not complicated: We have more people than homes. This shortage gives landlords the power to charge any price they want and leaves too many New Yorkers with no place to go."