New York City Council approved a rezoning plan on Dec. 5, clearing the way for 82,000 new apartments and $5 billion in infrastructure and housing development over 15 years.
It marks the largest zoning change since 1961.
The City of Yes for Housing Opportunity plan passed by a 31-20 vote amid a citywide vacancy rate of 1.4%. The Regional Plan Association projects New York needs 473,000 additional housing units by 2032 to meet demand.
