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  • According to an analysis from NYHC, Mayor Adams’ Executive Budget has insufficient funding to maintain affordable housing production. HPD’s capital funding in FY25 is $2.1B, a reduction of 20% from $2.6B in FY24. NYHC estimates that the number of affordable housing units financed with capital subsidy will drop by 32% next year, financing half the […] Read More
  • Mayor Eric Adams released his FY 2025 executive budget on Wednesday, proposing a $111.6 billion city budget. As promised recently, this budget does not include another round of cuts (called Program to Eliminate the Gap, or PEGs). Expense Budget In the fall, Mayor Adams had planned to make three rounds of 5% cuts to city […] Read More
  • Last week New York’s $237 billion FY 2025 budget was released. It takes significant steps toincrease housing supply and addresses other policy issues such as affordable housing insurancediscrimination, deed theft and tenant protections and funding was maintained for vital housingprograms. However, the budget once again excluded the Housing Access Voucher Program,which would have provided rental […] Read More

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