Sponsored by
Table of Contents
The Context
With New York City’s vacancy rate at 1.41%, it’s lowest since 1968, the free market rents continue to rise year after year. Two factors are at play: demand to live within the five boroughs remains at an all time high, while development of new housing (supply) lags behind. Shockingly, the number of building permits dropped to 15,626, a 5 year low in 2023:
Every candidate states that they will take action on “day one”, but simply telling voters that you will address the crisis is not enough. To bring down prices, New York City will need to build between 50,000 to 70,000 new housing units per year, a sharp increase of 1.5 to 2 times the amount in 2024 (33,974 total units). Building housing is complex and takes time. Voters will need to choose a candidate with not only the vision but also the experience to streamline bureaucratic processes, work with public and private developers, and create the right policies and financing to get construction started.
Candidate Responses
The candidates’ policy proposals are summarized below so that you can compare and contrast their experience, vision, and strategy. OpenCitizen has not evaluated the effectiveness of the proposals, but presented them in a templated structure to clarify similarities and differences. All information is gathered from the candidates’ websites.
Looking for unbiased, fact-based news? Join 1440 today.
Join over 4 million Americans who start their day with 1440 – your daily digest for unbiased, fact-centric news. From politics to sports, we cover it all by analyzing over 100 sources. Our concise, 5-minute read lands in your inbox each morning at no cost. Experience news without the noise; let 1440 help you make up your own mind. Sign up now and invite your friends and family to be part of the informed.
Adrienne Adams
Adams brings experience as Speaker of the City Council with a focus of working with Fortune 500 companies like Goldman Sachs, labor unions, public service organizations, and philanthropic partners. Adams' plan is to build at least 500,000 new housing units, but the timeframe is not specified. Assuming construction over 10 years, this would be a rate of 50,000 units per year, 1.5x more than 2024 (33,974 units).
Strengths:
Proven Legislative Leadership - Led passage of the broadest zoning reform, City for All, in a generation and unlocked over 120,000 new homes as Speaker
Substantial Funding Acquisition - Secured $8 billion in funding for affordable housing, homeownership programs, Mitchell-Lamas, and NYCHA repairs
Zoning Reform Expertise - Successfully collaborated with State to lift the "12 FAR" cap for residential buildings, removing 1961 density limitations
Political Navigation Skills - Overcame substantial NIMBY opposition and political obstacles to pass City of Yes zoning reforms
Strategic Partnership Building - Negotiated $5 billion specifically for housing packages and neighborhood investments through innovative financing models
Sources:
Andrew Cuomo
Cuomo brings over 30 years of experience working with Housing Enterprise for the Less Privileged (HELP), HUD, NYC Building and Construction Trades Council, faith-based organizations, and NYC retirement funds. Cuomo's plans are to build or preserve 500,000 new housing units over 10 years, which is a rate of 50,000 units per year, 1.5x more than 2024 (33,974 units).
Strengths:
Federal Housing Leadership - Served as HUD Secretary (1997-2001) implementing Continuum of Care strategy and expanding affordable housing nationally
Large-Scale Housing Implementation - As governor, implemented $20 billion five-year housing plan creating and preserving 100,000 affordable units with over 56,000 completed or underway by 2019
Direct Development Experience - Founded HELP in 1986 and directly developed affordable housing projects including Genesis Homes (150 units) and 433 East 13th Street (113 units)
Innovative Financing Expertise - Proposes leveraging up to $2.5 billion from NYC pension systems and $5 billion joint State-City capital fund over five years
Tenant Protection Record - Signed Housing Stability and Tenant Protection Act (HSTPA) in 2019 making rent stabilization permanent and established Tenant Protection Unit in 2012
Brad Lander
Lander brings 15 years of experience with a focus of working with Fifth Avenue Committee, Pratt Center for Community Development, faith-based institutions, Community Land Trusts, NYC pension funds, and shared housing apps. Lander's plans are to build 500,000 new housing units over 10 years, which is a rate of 50,000 units per year, 1.5x more than 2024 (33,974 units).
Strengths:
Proven Affordable Housing Leadership - Led housing organizations for 15 years preserving and creating thousands of affordable units before entering elected office
Large-Scale Development Experience - Spearheaded Gowanus rezoning generating 8,500 new housing units with almost 3,000 affordable units, currently the most active development site in NYC
Innovative Financing Expertise - As Comptroller, financed more affordable housing than any previous comptroller, issuing $1 billion in social bonds for 7,000 low-income units
Municipal Golf Course Development Strategy - Plans to develop 4 of the City's 12 municipal golf courses covering 2,500 acres, yielding 44,000-127,000 potential units
Emergency Response Planning - Plans to declare state of emergency to cut ULURP's (Uniform Land Use Review Procedure) review process from 7 months to 90 days and triple City's capital spending on housing
Sources:
Zohran Mamdani
Mamdani has represented New Yorkers for the past three years as State Assemblymember and has previous experience working with Chhaya CDC, Community Land Trusts, unions, tenant associations, community development lenders, and foundations. Mamdani's plans are to construct 200,000 new units over 10 years, which is a rate of 20,000 units per year, which is a decrease of .6x compared to 2024 (33,974 units).
Strengths:
Direct Housing Counseling Experience - Served as Foreclosure Prevention Housing Counselor at Chhaya CDC working directly with immigrant communities facing foreclosure and housing displacement
Significant Capital Investment Planning - Plans $100 billion commitment with $70 billion in new capital dollars through municipal bonds in Ten-Year Capital Plan
Legislative Success Record - As State Assemblymember, won over $100 million in state budget for increased subway service and fare-free bus pilot
Community Organizing Background - Organized New Yorkers to defeat proposed dirty power plant and achieved $450 million taxi driver debt relief through hunger strike
Systemic Housing Policy Understanding - Has direct knowledge of how property tax system favors wealthier neighborhoods and witnessed how tax lien sale system leads to families losing homes
Zellnor Myrie
Myrie brings 6 years of government experience with a focus of working with NYC Council, State Senate, NYCHA residents, Attorney General Tish James, non-profit service providers, and smaller developers. Myrie's plans are to build 700,000 new units over 10 years, which is a rate of 70,000 units per year, 2x more than 2024 (33,974 units).
Strengths:
Landmark Housing Legislation Leadership - Led fight to pass Housing Stability and Tenant Protection Act (HSTPA) in 2019, extending rent stabilization to hundreds of thousands of units
Emergency Response Expertise - Authored COVID-19 Emergency Eviction and Foreclosure Prevention Act in 2020, which was the strongest in the nation
Mixed-Income Development Strategy - Plans 95,000 mixed-income units through NYCHA revitalization while preserving 150,000 existing units without displacement
NYCHA Advocacy Record - Strong voice for NYCHA residents, passing legislation to fast-track gas outage repairs and demanding speedy repairs
Comprehensive Housing Vision - Commits to building and preserving one million homes over ten years, more than double NYC's current production rate
Scott Stringer
Stringer brings over 20 years of experience with a focus of working with Community Preservation Corporation, Citi, nonprofit organizations, MWBEs, Community Land Trusts, and community-based organizations. Stringer's plan does not list a total number of units to be built within a given timeframe, but models his proposal after Mitchell-Lama and promises a to secure $1 billion total funding across New York City to support affordable housing, construction financing, and pension fund investment.
Strengths:
Proven Affordable Housing Financing - As NYC Comptroller (2014-2021), secured approximately $1 billion in affordable housing financing through strategic partnerships with major financial institutions
Comprehensive Housing Audit Expertise - Conducted 17 comprehensive NYCHA audits exposing inefficiencies and driving critical reforms, improving conditions for over 400,000 residents
Strategic Asset Identification - Identified over 1,000 vacant city-owned lots that could boost affordable housing stock by more than 50,000 units
Community Organizing Foundation - Started as community organizer in Washington Heights protecting Mitchell-Lama residents from private developers, demonstrating early housing advocacy
Family-Focused Housing Strategy - ROOF initiative specifically targets family-sized housing production with 50% of new HPD-subsidized units having two bedrooms or more
Whitney Tilson
Tilson brings over 30 years of experience with a focus of working with Kase Capital, Initiative for a Competitive Inner City, Teach for America, KIPP Academy, private developers, and faith-based organizations. Tilson's plans are to build approximately 800,000 total units over 15 years, which is a rate of 53,000 units per year, 1.6x more than 2024 (33,974 units).
Strengths:
Financial and Investment Expertise - Founded and managed Kase Capital from 1999 to 2017 managing over $200 million in assets, providing deep understanding of real estate investment and development finance
Market Analysis Experience - Warned about housing crisis on 60 Minutes in December 2008, demonstrating early understanding of housing market dynamics and broader economic implications
Community Development Financing - Created Initiative for a Competitive Inner City providing $1.7 billion in capital to minority-owned businesses, demonstrating experience in community development financing
Manufacturing District Strategy - Proposes strategic up-zoning of M1 and M2 manufacturing districts to mixed-use potentially yielding 284,000 new housing units with 50% affordability requirement
Regulatory Reform Vision - Models Austin, Texas reforms that achieved 15% supply surge and 22% rent reduction within two years through comprehensive zoning simplification and permitting streamlining
Enjoying this publication?
Support this work by upgrading to a paid subscription!
Banner Photo: by gebhartyler on Unsplash.
