New York, New York - New York Mayor Zohran Mamdani on Wednesday announced a new process aimed at speeding up the development of affordable housing on City-owned land.

Mamdani joined elected officials, faith leaders, and advocates in Brooklyn on Wednesday to tout the new Neighborhood Builders Fast Track.

"What this means is that we are creating a pre-qualified roster of developers, and in doing so, we are going to cut down on pre-development time for new projects from 18 months to 10 months," the mayor explained in a press conference.

"When you couple that with the referendums that were passed just late last year, that means that we are cutting down on the time it takes to build affordable housing in this city by up to two and a half years," he continued, referring to the Expedited Land Use Review Procedure approved by voters in November.

"What this means in a tangible sense is the creation of 1,000 additional affordable housing units on City-owned land across our city."

Mamdani said the Department of Housing Preservation and Development initiative is just one part of his administration's plan to address the housing and affordability crisis that is pushing many people out of the city, including more than 200,000 Black New Yorkers over the last decade.

On his first day in office, the mayor signed executive orders to create the Land Inventory Fast Track task force, which will identify housing opportunities on City-owned sites, and the Streamlining Procedures to Expedite Equitable Development task force, which aims to reform the affordable housing production process. Both are set to deliver recommendations this spring.

"Underneath this administration, we're building right now, and therefore, we have hope," said Rev. Dr. Adolphus Lacey.

Rev. Dr. David K. Brawley added, "Today is a downpayment on an urgent moment. Mayor Mamdani, you demonstrated what leaders do in crisis: they act, they streamline processes, and they expedite. They just simply cut the red tape."

On Tuesday night, the Mamdani administration appealed a court decision calling for the expansion of CityFHEPS, a rental voucher assistance program for low-income residents.

Mamdani had pledged to expand eligibility for CityFHEPS while on the campaign trail last year.

When asked about the appeal on Wednesday, Mamdani cited the "generational fiscal crisis" of at least $12 billion his administration inherited from former mayor Eric Adams.

The gap is now down to around $5.4 billion in a preliminary city budget released by the mayor in February.

"If the city were to drop its appeal, we are speaking about an expansion that would then cost over $4 billion in the next four years alone," the mayor said.

"I am deeply committed to ending the homelessness crisis in this city. I am appreciative of the fact that that is a commitment shared by many New Yorkers, elected officials and beyond. And also I'm committed to doing so in a manner that is sustainable for both the medium and the long term."