485-x Is Failing to Build the Large Projects Needed to Solve the Housing Crisis

The 485-x (Affordable neighborhoods for New Yorkers) was created in 2024 to replace 421-a in order to
create mixed-income housing throughout the five boroughs. However, the program is failing to generate
the large projects needed to address the city’s housing crisis.

To date, the data released by the City’s Department of Housing Preservation and Development shows
that the program has yet to create a single building over 99 units. More recent data from the City’s
Department of Buildings shows a significant increase in the share of small and medium projects while the
number of exactly 99-unit projects has skyrocketed.