Cuomo plans to construct 500,000 housing units in New York City over the next 10 years, but details of the initiative are limited.

Andrew Cuomo, a leading candidate for New York City mayor, has unveiled an ambitious housing proposal aimed at constructing 500,000 new apartments over the next decade. This plan is particularly critical as the city grapples with a worsening housing crisis characterized by soaring rents and a significant shortage of available units.

Cuomo’s 29-page proposal, which was shared in advance with the Media News Source, emphasizes his extensive background in housing, drawing on his experience as the secretary of the U.S. Department of Housing and Urban Development in the 1990s and his tenure as governor from 2011 to 2021. The former governor positions himself as a seasoned leader capable of reversing the ongoing housing crisis that has plagued the city.

Polling indicates that Cuomo is a frontrunner in the upcoming Democratic primary, signaling strong support for his vision. He claims that a substantial portion of the planned new units will be affordable for residents currently living in or considering relocation to New York City. However, the proposal lacks specific details about the proportion of units categorized as affordable and the criteria that would govern their affordability.

A campaign spokesperson indicated a goal for two-thirds of the projected apartments to be affordable but refrained from offering a definitive commitment due to various complicating factors such as construction costs exacerbated by current tariff policies. The proposal suggests that an apartment is generally considered affordable if the rent represents no more than 30% of the income for a household earning 60% of the area’s median income. Advocates have criticized this metric, arguing that it does not adequately reflect the financial realities facing many New Yorkers.

Former Mayor Adams, who recently exited the Democratic primary to pursue reelection as an independent, also proposed a target of 500,000 housing units during his administration—a goal that experts assert has not been met. In contrast, other primary candidates have made ambitious housing commitments as well. Brooklyn State Senator Zellnor Myrie plans to create or preserve one million apartments in a decade, while Queens Assemblyman Zohran Mamdani’s strategy includes freezing rent for stabilized tenants and constructing 200,000 new stabilized units.

Cuomo’s campaign has not made him available for interviews concerning his housing strategy, but in a statement, he emphasized the urgency of addressing the housing crisis to protect the essence of New York City. He remarked on the necessity for transformative action to prevent the city from losing its character.

The plan largely relies on existing programs, including the 485-x tax incentive for developers, and introduces some new initiatives aimed at expediting housing development. Notably, it proposes exempting faith-based institutions from lengthy zoning processes when adding housing on their properties, with the potential to generate tens of thousands of affordable units. Additionally, the plan suggests utilizing the city’s public pension funds to finance affordable housing projects and introducing subsidies for municipal workers.

Cuomo distinguishes himself from other candidates by opposing most zoning changes that would facilitate taller residential buildings in low-density neighborhoods, a controversial aspect of Mayor Adams’ broader rezoning efforts. Funding for the proposed housing initiatives is projected to require nearly billion annually in additional affordable housing subsidies, though Cuomo’s team has not detailed specific funding sources, instead suggesting a shared financial responsibility between city and state governments.

Cuomo’s housing strategy emphasizes the need for a more constructive use of current regulatory tools while acknowledging that further rezoning may be necessary to meet the ambitious goal of delivering 500,000 new units. However, precise locations for potential rezoning have not been identified, leaving critical questions about execution and the feasibility of his proposals. As the Democratic primary approaches, the conversations surrounding housing policy will undoubtedly remain at the forefront of the election discourse, reflecting the pressing needs of New Yorkers.