New York City Mayor Eric Adams has unveiled a broad set of housing investments as part of his Fiscal Year 2026 Executive Budget, aimed at creating residential units and keeping more New Yorkers in homes across the five boroughs. The $24.7 billion housing commitment, included in the city’s 10-Year Capital Strategy, features a $1 billion allocation under the “City of Yes for Housing Opportunity” initiative. Additional investments include $350 million for NYCHA renovations through the PACT and Trust programs. The initiatives are led by the Mayor’s Office in collaboration with the Department of Housing Preservation and Development (HPD) and NYCHA.
The housing plan will advance a number of neighborhood rezoning projects, including efforts in Midtown South (Manhattan), Long Island City and Jamaica (Queens), and Atlantic Avenue (Brooklyn), with a goal of adding over 50,000 new housing units. The administration also plans to strengthen supportive housing efforts by investing $46 million to revamp the city’s 15/15 Supportive Housing Initiative, aiming to finance and preserve 5,850 congregate housing units for vulnerable populations.
To support tenants and prevent displacement, Mayor Adams announced new funding for legal services through the Anti-Harassment Tenant Protection Program, expanding the citywide Homeowner Help Desk, and continuing work by the Tenant Protection Cabinet. These initiatives build upon earlier expansions of tenant organizing programs and historic settlements addressing housing discrimination.
“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 ten years in new affordable housing,” Mayor Adams said. “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.”
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