Mayor Eric Adams has announced a $1.8 billion investment to expedite the development of nearly 6,500 affordable homes across New York City. The funding, part of the ongoing “Affordable Autumn” initiative, includes a $1.5 billion increase to the New York City Department of Housing Preservation and Development’s (HPD) Fiscal Year 2026 budget, along with a $300 million boost to the New York City Housing Authority’s (NYCHA) Section 8 Conversions budget. The initiative is expected to increase HPD’s FY26 affordable housing output by approximately 25 percent.
The new funding will allow HPD to accelerate the closing and construction of more than ten projects, delivering approximately 4,000 affordable units earlier than planned. Simultaneously, NYCHA will convert roughly 2,500 units under its Permanent Affordability Commitment Together (PACT) program, upgrading critical infrastructure and transitioning homes from traditional public housing to Section 8. These investments align with the Adams administration’s broader housing strategy, which has resulted in the creation, preservation, or planning of over 426,000 homes since 2022.
The announcement comes amid the advancement of several large-scale planning initiatives, including the “City of Yes for Housing Opportunity,” which aims to generate 80,000 new homes citywide. Additional neighborhood plans under development in Jamaica, Long Island City, and other parts of the city could deliver another 50,000 homes over the next 15 years. The Adams administration is also expanding tenant protections and homeownership programs to support housing stability.
“We are in a housing crisis that makes it difficult for New Yorkers to live the life they need and want to live,” said Adolfo Carrion, Jr., Deputy Mayor for Housing, Economic Development, and Workforce. “That is why this administration has worked hard to be the most pro-housing administration in the history of the city.”
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NYC already has more than enough units subsidized by tax payer. This will further reduce the supply of market-rate units
How does this help Adams line up his next gig? Where are the opportunities for personal graft here?
Unfortunately this will take years and Mandani will take credit for this.
If anything Mandani will probably succeed in making the investment even larger.
and the majority of those housing units that will get built will be more high price apartments with the label (affordable) and when it comes to truly affordable units the most of them will be built in undesirable neighborhoods, and if they get built in better off neighborhoods it will only be a pinch of salt of those truly affordable units, with thousands of applications, and over 10 decades wait list, lets see who will benefit from this billion dollar= for profit over people developers
Any mention of Adams grifting will be removed.