The New York City Council on Tuesday approved major changes to the city's housing codes proposed by Mayor Bill de Blasio. The biggest change will require developers to include some affordable housing in all major projects that need city approval, while another will allow taller buildings with fewer parking requirements.
The mandatory inclusionary housing and zoning plans were designed to help reach de Blasio's goal of building 80,000 new income-restricted apartments, and preserving another 120,000.
Under the final version, developers will be required to follow one of four options — which start at setting aside 20% of units for people making an average of 40% of the median income, or $31,000, with rent about $775.
Options go up to designating 30% of the apartments for people making 115% of the median, or $89,000, with rent about $2,225.