New York City Mayor Eric Adams has announced plans to allocate $2 billion toward affordable housing in the New York City Metropolitan area over the next two years. The funds are part of a larger $26 billion investment committed over the next ten years to spur the construction of 500,000 new homes by 2032.
The next two years’ funds include a $700 million allocation for NYCHA renovations and a $1.3 billion allocation for HPD programs to preserve and build affordable and supportive housing. The investment comes alongside the “City of Yes for Housing Opportunity” zoning proposal to enable more housing construction in every neighborhood.
“New York City’s housing crisis is crisis of availability, affordability, housing quality, and equitable access to housing opportunity,” said Margy Brown, executive director, Urban Homesteading Assistance Board. “The city’s $2 billion capital investment in housing over the next two years makes meaningful progress on each of these problems. Especially exciting are the increases in funding to address the preservation needs of our aging housing stock and give tenants the opportunity to become homeowners in the buildings where they already live.”
The city’s total budget allocated for fiscal year 2024 and fiscal year 2025 amounts to $112.4 billion in anticipated spend. The plan closes what was previously a $7.1 billion gap in the city’s budget.
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This was partly of living on affordable housing, with great significance in their crowd: Thanks.
Every mayor we are building 10000 20000 30000 goes back to Mayor Bloomberg. What happen to those affordable housing promised during those years. It’s a joke.
is this another give away gift to the big for profit over people so call affordable housing, which will probably build only a few truly affordable housing, will the developers keep building high income apartments in the black and brown communities which the majority will not be affordable for the average person, will the developers help keep certain neighborhoods segregated, by not building truly affordable in the better off neighborhoods, lets not forget truly affordable senior housing which rarely gets built, the city can build desperately needed truly affordable housing in ALL NEIGHBORHOODS, if they really want to fix the housing crisis, not to mention SAFETY in these buildings