NYC Mayor Eric Adams' budget for Fiscal Year 2026 September totals $96 billion and it plans to make major investments in housing and infrastructure.
Affordable housing is a big focus. The 65-year-old's budget today calls for $1.8 billion to create and renovate affordable homes, with another $1.5 billion for 4,000 units in particular. The plan is to expedite the process under both, according to Adams.
Also, the budget asks for extensive repairs for almost 2,500 homes that are supported by Section 8 Conversions and the New York City Housing Agency.
Separately, the budget sets aside $182.4 million for parks and infrastructure improvements. This includes $71.8 million to support investments tied to the Midtown South Rezoning Plan, an initiative that would bring nearly 10,000 new homes to Manhattan.
Moreover, specifics about the budget include funding for the Metropolitan Transportation Authority, upgrading schools and distributing 350,000 internet devices to K-12 students.
"This $93 billion plan makes the smart and forward-looking investments in the capital and infrastructure projects that will build our future," Adams said in a statement.
"That means major affordable housing construction and rehabilitation efforts will happen now — when they are most needed — because we do not have time to wait to deliver the real relief New York City needs to become the best place to raise a family.”
This fiscal year budget follows Adams' announcement in April, where he announced multiple other moves on housing. This includes $24.7 billion for affordable housing under a 10-year strategy and a $46 million investment to preserve 5,850 congregate housing units.
With the budget now announced today, the city is now on track to deploy $182.8 billion under its 10-year capital plan, according to the Mayor.
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