The New York Housing Conference submitted testimony to the New York City Council’s joint Finance Committee and Capital Budget Subcommittee Thursday on the fiscal year 2021 executive budget.
NYHC is opposing the substantial cuts to HPD’s capital budget. Mayor de Blasio is proposing to cut $581 million from this year’s capital plan and $457 million from the upcoming fiscal year 2021 capital plan, a decrease of 40 percent of HPD’s capital budget each year.
Cutting the capital budget for affordable housing production at this moment is shortsighted. Such a drastic cut will mean far less affordable housing will be produced precisely at a moment when housing is needed more than ever. It also misses an opportunity to help the city recover from this economic and health crisis.
New York Housing Conference’s full testimony is linked here.