New York City Mayor Zohran Mamdani entered office this month amid a robust pipeline of affordable housing projects already under construction or nearing completion across the five boroughs, even as the city continues to grapple with the nation’s highest apartment rents.
Developers across Brooklyn, the Bronx and Manhattan spent much of 2025 filing permits, managing construction crews and securing certificates of occupancy — the final regulatory step signaling that buildings are ready to accept tenants. As a result, thousands of affordable units are poised to come online during the early months of Mamdani’s administration.
The newly sworn-in mayor campaigned on a promise to accelerate affordable housing delivery and expand tenant protections. In a statement following his inauguration, Mamdani emphasized an aggressive approach to housing policy.
"We will not wait to deliver action," Mamdani said in a statement. "We will stand up on behalf of the tenants of this city."
Beginning on his first day in office, Mamdani signed executive orders establishing two task forces aimed at speeding up housing production. He also appointed housing activist Cea Weaver to lead the Mayor’s Office to Protect Tenants. Weaver has since drawn scrutiny over deleted social media posts made prior to 2020, including comments describing homeownership as a “weapon of white supremacy.”
Mamdani also attempted to delay a bankruptcy court sale involving 5,200 rent-stabilized apartments across New York. The city sought additional time to review Summit Real Estate Holdings’ $450 million bid and explore alternatives that could better protect tenant interests. That effort ultimately proved unsuccessful.
The Mamdani administration did not immediately respond to multiple requests for comment from CoStar News regarding current housing market conditions.
Mamdani succeeds Eric Adams, New York City’s 110th mayor. In a statement to CoStar News, Adams’ office said his administration reduced bureaucracy and streamlined paperwork to help new housing get built faster, while investing “historic amounts of money” in affordable housing.
Despite ongoing construction activity, affordability remains a major challenge. Asking rents in New York are approaching a record high of $3,529 per unit, according to CoStar data — roughly double the national average of $1,761.
While not a comprehensive tally, several notable affordable housing projects illustrate the scope and variety of developments currently reshaping New York’s residential landscape.
Joy Construction and MADDD Equities recently completed North Cove, a 30-story mixed-use development in Inwood. The project includes 611 affordable units for households earning between 27% and 110% of the area median income, with approximately 15% reserved for formerly homeless residents. The building features 60,000 square feet of retail space, 120 parking spots and amenities such as recreation rooms, bike storage and picnic areas.
Slate Property Group and Breaking Ground plan to convert the former Stewart Hotel into a 579-unit permanently affordable housing development, with income capped at 60% of area median income. Construction is expected to begin in the second half of 2026. The project will include upgraded building systems, on-site social services offices and full-time security.
Concern for Independent Living is developing a 210-unit affordable housing project in the Highbridge neighborhood, with income capped at 60% of area median income. Scheduled for completion in 2026, the building will include a terrace and designated community gardening space.
Community Access is planning River Avenue II, a 292-unit mixed-use development in the Bronx Concourse neighborhood. Income will be capped at 80% of area median income, with the project scheduled to open in 2029. Plans include commercial space, underground parking, extensive amenities and 24/7 security.
Breaking Ground and Douglaston Development are building Sparrow Square, a 1,090-unit affordable housing complex on the former Kingsboro Psychiatric Center site in East Flatbush. Income requirements will be capped at 30% of area median income. The project will be delivered in phases, with the first two buildings scheduled for completion in September 2028.
Together, these developments underscore the scale of affordable housing already in motion as Mamdani begins his term — a reality that may shape how his administration balances new policy initiatives with projects inherited from prior leadership.
Originally reported by Khristopher J. Brooks,CoStar News in Co Star.
.png)
