Council Pushes for More Housing Funds As City Budget Negotiations Enter Final Weeks

The City Council is pushing for an additional $3.66 billion for affordable housing over the next five years, building on the $10.5 billion the mayor earmarked in his executive budget in April.

Ayman Siam/Office of NYC Comptroller

The Council’s Progressive Caucus, along with the city comptroller and public advocate, announced the “Homes Now, Homes for Generations” campaign in March to push for more housing funding.

The City Council isn’t giving up on its demand for additional housing funds in the city’s next budget—a boost its members say would preserve or build an extra 60,000 affordable homes in the city over the next half decade.

In their response to Mayor Eric Adams’ preliminary budget released in January, councilmembers had sought an additional $3.66 billion in capital funds over the next five years for the Department of Housing, Preservation and Development (HPD), which lawmakers say would fulfill Adams’ campaign promise of providing $2.5 billion annually for housing development.

But the mayor’s executive budget, unveiled in April, failed to include that $732 million-per-year bump. Adams and the Council have until July 1 to pass a final spending plan.

“With the mayor’s moonshot pledge for 500,000 new homes built over the next decade, we were disappointed to see the administration did not add any new money for affordable housing capital,” said Councilmember Justin Brannan to a panel of HPD officials, including Commissioner Adolfo Carrión Jr., at an executive budget hearing last week. 

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