New York City Mayor Eric Adams is calling for more affordable housing in his proposed budget for fiscal year 2026.
One major component is a $46 million investment to build and preserve an additional 5,850 congregate housing units in the city, providing on-site social services. This initiative aims to serve the homeless people living in shelters in New York.
The move would add to the city's 15/15 Supportive Housing Initiative, which aimed to develop 15,000 units when introduced by former Mayor Bill de Blasio in 2015. The plan announced today by Mayor Adams would bring the initiative's total investments to $229 million.
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Another portion of the announcement in the budget includes a $24.7 billion investment in affordable housing under a 10-year capital strategy. This would preserve existing homes, build new ones and support repairs. Also, Adams said that the city will pour $350 million into making improvements to thousands of apartment units provided by the New York City Housing Authority.
Additionally, Adams wants to expand renter protections, as the budget calls for allocations in the Anti-Harassment Tenant Protection Program. The investments would help with legal services for tenants.
"With our administration’s upcoming budget, we are doubling down on these efforts — building thousands of new supportive housing units that will help get even more people into stable homes as well as investing billions of dollars over the next 10 years in new affordable housing,” Mayor Adams said in a statement.
“The sweeping investments we are announcing today as part of the ‘Best Budget Ever’ will help so many New Yorkers, from vulnerable people living on our subways to families searching for their first home, and create a safer, more affordable city for the decades to come.”
Meanwhile, multifamily in NYC is off to a hot start in 2025. In the first quarter, Ariel Property Advisors reported that total dollar volume surged by 62 percent year-over-year to $2.21 billion in the metro. Dollar volume was particularly strong in Brooklyn, which skyrocketed by 138 percent to $1.06 billion, nearly half the total sales in the entire market. Also, the transactions of 269 in all of NYC were up by five percent.
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