In 1937, the Wagner Housing Act was passed as a reactionary measure to expensive public housing projects built by the Public Works Administration (PWA) such as the Williamsburg Houses and the Harlem River Houses. The 1937 Act set strict limitations on the cost of construction of all federally-funded public housing projects. Funds used for public housing were to be approved by Congress, and would only be granted if constructions were to be made unattractive to middle-class families, who would otherwise buy or rent in the private market. To meet the requirements of the restrictions, NYCHA chose a cheap, industrial location immediately north of the Queensboro Bridge. This parcel of land cost less than $1.50 per square foot.

The Queensbridge Houses opened in 1939. The 29 six-story buildings each hold 96 units, amounting to around 3,000 apartment units which in turn house just about 7,000 people. At its opening, a 4.5 room apartment could be rented for $22.75 per month. Inflation-adjusted, that amounts to $420, which is about the price of a month's rent in the complex today. Units had both concrete floors and ceilings, the latter of which were usually made of plaster. This decision, among countless others, was made to drastically lower the costs of construction of the project.

The Y-shaped towers, designed by architect William F. R. Ballard, allow for optimal sunlight, air circulation, and privacy. Between towers are courtyards and green park spaces for children, families, and seniors. Amenities of the Houses include a shopping center, various children's facilities, a library, a community center, a gymnasium, and an ice-skating rink. Though individual units in the Queensbridge Houses are small, Ballard aimed to amend this with ample public amenities.

The tight budgetary restrictions was the largest difference between the Queensbridge Houses and earlier NYCHA developments. The look of the Houses became typical of more projects in the era: gray-brown brick walls, accented with a layer of red meant to unify the towers. Originally, the elevators in each building only stopped on the 1st, 3rd, and 5th floors to cut costs, and closets in apartments were outfitted without doors.

Lacking sufficient funding from its conception, the Queensbridge Houses fell into disrepair, reaching its worst state in the 80s and 90s. Crowned "the Bridge," by residents Nas and Mobb Deep, the hip-hop scene painted a picture of Queensbridge as a dystopic vision of New York City, overtaken by poverty, violence, and drugs. This characterization was not far from reality. In 1986, at the height of the city's crack epidemic, Queensbridge witnessed more murders than any other NYCHA complex.

Upon opening, the Queensbridge Houses and other NYCHA projects were some of the only integrated public housing projects in the United States. However, by the 1950s and 60s this was no longer the case. White residents, most of whom made over $3,000 a year, moved out to middle-income housing projects. Thus, the residents left behind were largely Black and Latino. This segregation had a lasting effect: today, around 60% of residents are Black and 30% are Latino.

Crime rates have dropped at Queensbridge since 2000, and residents persevere, "despite the unfavorable political and economic climate," according to "Voices of Queensbridge," a study of the Queensbridge Houses written by students for the La Guardia Wagner Archive. In recent years, various organizations have helped bring residents together, though "the greatest challenges stem from the ongoing decline in public support for public housing at the federal and state levels."