NYC Budget Deal Reached With $5B In New Affordable Housing Funding
New York City Mayor Eric Adams and City Council Speaker Adrienne Adams reached an agreement on the city’s proposed $101B budget for 2023 on Friday — agreeing to significantly increase investments across policy areas and a boost for affordable housing spending.
The increased investments bring the mayor's original budget proposal up from approximately $98.5B, with more money also going to parks, cultural institutions, income tax credits for low-income families and a property tax rebate affecting tens of thousands of New Yorkers.
“At this critical moment for our city, this budget delivers early on the issues that matter most and makes the investments that will improve the lives of millions of our fellow New Yorkers,” Mayor Adams said in a statement.
The new budget allocates $5B in capital funds to the affordable housing programs from the New York City Department of Housing Preservation and Development and the New York City Housing Authority. The agreement marks an increase from the mayor's original proposal.
But the city’s housing stock is in desperate need of a cash influx: NYCHA spent $4.1B in 2021 alone, and it needs an estimated $40B for maintenance and repairs on its aging housing stock, Crain’s New York Business previously reported.
Additionally, while details have yet to be provided, $90M will go toward a tax rebate for small property owners. The rebate will affect approximately 60,000 working- and middle-class New Yorkers, according to a release from the New York City Council.
Speaker Adams also won some investments higher than what Mayor Adams initially proposed, such as parks improvements, which will get $488M in 2023, while the NYC Streets Plan will get $580M and cultural institutions will get $40M. Some $250M is earmarked for a tax credit going to low-income families.