Newsroom

NYHC Testifies at Queens Borough President City of Yes Hearing

NYHC Director of Policy and Operations Brendan Cheney testified at the Queens Borough President’s public hearing on the City of Yes for Housing Opportunity, sharing the need for more housing to address our housing crisis and history of housing discrimination. Our NYC Housing Tracker data shows that housing production is not shared equitably across the […] Read More

Senator Gillibrand and Majority Leader Schumer Secure Insurance Reporting in Appropriations Bills!

This week Senator Kirsten Gillibrand and Majority Leader Chuck Schumer successfully secured language for a report on property insurance in the Senate mark-ups of both the Financial Services and General Government (FSGG) and Transportation, Housing and Urban Development (THUD) appropriations bills. The language directs the Federal Insurance Office, in partnership with HUD, to conduct research […] Read More

Bipartisan Tax Deal With LIHTC Fails to Advance in Senate

Yesterday a procedural vote to consider the Tax Relief for American Workers Act (H.R. 7024) in the U.S. Senate failed. The tax bill, which passed overwhelmingly in the House in January 357 to 70 would have restored the 12.5% increase to 9% low-income housing tax credit (LIHTC) allocations for 2023-2025 and decreased the private activity […] Read More

FY2024 NYC Affordable Housing Production: Record Production and Focus on Deep Income

Mayor Adams announced HPD’s affordable housing production for city fiscal year 2024 this week, with some categories having the highest production on record. Adams announced that HPD financed 25,266 units of affordable housing in fiscal year 2024 (HPD counts affordable housing when it closes on financing or when the developer applies for 421a). This includes […] Read More

Details on Additional $2B for Housing Capital!

The New York Housing Conference helped achieve a huge budget win after producing analysis showing production will drop by 32% if $1 billion is not added this year. We are thrilled that the final budget allocates $1 billion for housing capital in FY25 and $1 billion in FY26 to maintain production and preserve public housing. […] Read More

NYHC Releases 2024 NYC Housing Tracker Report

The New York Housing Conference today released our third annual NYC Housing Tracker Report, which compiles data on housing production in each City Council district. The findings highlight how a small number of communities are bearing the responsibility of the vast majority of housing production citywide, amplifying NYC’s housing crisis. The report outlines solutions to […] Read More

NYHC Calls on City to Increase Capital Funding to Maintain Affordable Housing Production

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

Analysis of Mayor Adams’s FY25 Executive Budget

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

Albany Enacts Budget to Spur Housing Supply

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