UPDATE: Eric Adams announces the Plus One Initiative for expanded ADU accessbility in New York.
Last year, Mayor Eric Adams set the stage with an ambitious "moonshot" goal for New York City: the creation of 500,000 homes in the coming decade. This commitment was a bold response to NYC's pressing housing challenges, from skyrocketing prices to a swelling population. Now, with the spotlight firmly on him, Adams introduces a groundbreaking proposal centered around Accessory Dwelling Units (ADUs), aiming to further revolutionize the city's real estate dynamics. In this article, we'll unpack the potential of ADUs within this new framework and delve into its implications for investors, homeowners, and the broader NYC community.
Accessory Dwelling Units, commonly known as ADUs, are secondary housing units on a single-family residential lot. These can be in the form of a basement apartment, a unit over a garage, or a standalone tiny house. Cities like Los Angeles have embraced ADUs as a solution to their housing crises. The question now is, can NYC benefit similarly?
Mayor Adams' vision for NYC housing is clear: more homes, more affordability, and more inclusivity.
Building and Construction Changes:
Zoning and Regulation Adjustments:
Review and Implementation Process:
The introduction of ADUs and the proposed zoning changes present a unique opportunity for real estate investors in NYC. Here's a more actionable list for investors:
For homeowners, the proposal can be a game-changer:
Realtors will play a pivotal role in this evolving landscape. With the introduction of ADUs and the potential for increased housing, the demand for knowledgeable realtors will surge.
While the proposal is promising, it's not without challenges:
Mayor Eric Adams' proposal has the potential to revolutionize NYC's real estate landscape. By embracing ADUs and making pivotal zoning changes, the city could address its housing challenges head-on. For investors, homeowners, and realtors, the future looks promising, but staying informed and adaptable is key.
Enjoy things that are free? Join our newsletter for weekly investing insights.