Governor Kathy Hochul has unveiled her fiscal year 2026 Executive Budget, which among state-wide initiatives, includes a number of measures to tackle New York City’s housing crisis and promote real estate development in the city. Central to the budget is the allocation of $1 billion over five years to Mayor Adams’ “City of Yes” initiative, which will fund housing construction and places an emphasis on zoning reforms to boost density. Another $760.5 million in discretionary funding has been allocated for certified Pro-Housing Communities, including $100 million for infrastructure upgrades to support new developments.
The budget also prioritizes the redevelopment of underutilized land. Through the NY RUSH program, $250 million will be allocated to turn state-owned sites into housing projects. To support first-time homebuyers, $100 million will be divided equally between starter home development and down payment assistance. Additionally, a $50 million Mixed-Income Revolving Loan Fund aims to promote diverse rental housing development outside of New York City.
Affordable housing initiatives feature prominently in the budget, with a $30 million expansion of the Low Income Housing Tax Credit Program expected to generate $210 million in private investment, and $50 million for the Resilient and Ready program, which is intended to help homeowners adapt to climate challenges and protect real estate assets in flood-prone areas.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
She just throws hundreds of millions of dollars at things. And rolls protest for even more.
In short, you live renting.
$100 million is a drop in the bucket.
with these funds I hope they start building truly affordable housing and way much more than we have which is little, on top of that use these funds towards truly affordable housing in better off neighborhoods, and in Brooklyn there are a lot of great neighborhoods to build them, not just the undesirable hoods
and why is any neighborhood “undesirable” Joe?
It is because its filled with what you called “truly affordable” housing.
I think you are asking for subsidized housing- which means it costs the taxpayers of New York to build to subsidize the tenants. Newsflash we have more then the the next 5 cities combined…NYCHA, Section 8, etc. This over regulation has created this housing mess.
If it’s built In “better off neighborhoods” it costs more – see the latest in Manhattan posted here cost over one million per unit. The rents on the “affordable” do not cover cost or maintenance. What we need is more housing period and less red tape , corrruption, etc so that it actually costs less to build.