Update: Mayor Bill de Blasio announced that the city will restore the fiscal year 2021 capital cuts – putting $466 million back into the current fiscal year. Thank you to everyone that joined in our campaign, signing our letters and advocating on social media. We will continue to advocate for the city to make up for the $583 million of cuts in 2020 and spend that money as soon as possible.
New York Housing Conference released a policy brief showing that now is the perfect time to invest in housing through the city capital budget and that Mayor Bill de Blasio’s cuts to the housing budget are unnecessary and unwise. Join our campaign opposing the cuts.
In our analysis, we find that the $1 billion in cuts to the capital budget will save at most $30 million in the city’s operating budget this year. Meanwhile the cuts will cost 21,000 units of affordable housing, over 33,000 jobs and almost $8 billion in economic activity. The cuts also miss an opportunity to invest and promote economic recovery while interest rates are near historic lows.
Mayor Bill de Blasio has another chance to reverse the 40 percent budget cuts when he releases the adopted capital plan this fall. We urge the mayor to reverse the cuts.
Please share on social media, using: #NoCapitalCuts
Dear Mayor de Blasio:
We are writing to you once again to implore you to reverse the penny-wise and pound-foolish cuts to the housing capital budget. The serious health and economic impacts of coronavirus on our city are profound and boldly underscore the urgency and need for affordable housing.
As our attached analysis shows, the housing cuts save little in the city’s operating budget, impose large economic costs on the city, and miss the chance to invest in a very favorable environment.
The $1 billion in cuts to the housing capital budget will save at most $30 million in the city’s operating budget this year. Meanwhile the cuts will cost 21,000 units of affordable housing, over 33,000 jobs and almost $8 billion in economic activity. By cutting spending now, the city is also missing the chance to invest while interest rates are near historic lows.
We know that the city is facing significant operating budget deficits, but given the meager savings and the enormous costs of the cuts, it seems clear that the prudent course is to reverse the cuts and continue the historic development of affordable housing. The urgency of this health crisis has made it clear that affordable housing is needed now more than ever.
The following organizations have signed on to the letter:
Ascendant Neighborhood Development Corporation
Benchmark Title Agency, LLC
The Briarwood Org
Center Development Corporation
Center for NYC Neighborhoods
Citizens Housing and Planning Council
Coalition for the Homeless
Community Preservation Corporation
Community Service Society
Curtis + Ginsberg Architects
Cypress Hills Local Development Corporation
Dunn Development Corp.
Dwell Community Consultants
Elmcor Youth and Adult Activities
Enterprise Community Partners
Fifth Avenue Committee
Goldstein Hall PLLC
GWW Planning & Development LLC
Habitat for Humanity New York City
Highbridge Community Development Corp.
Homeless Services United
Housing Rights Initiative
Housing and Services, Inc.
Interfaith Assembly on Homelessness and Housing
Lantern Community Services
Low Income Investment Fund
Magnusson Architecture & Planning
MBD Community Housing Corp.
Mega Contracting Group
Neighbors Helping Neighbors
New Destiny Housing
New York State Council of Churches
The NRP Group
Omni New York LLC
RiseBoro Community Partnership Inc.
Selfhelp Realty Group
Services for the UnderServed
Slate Property Group
Southside United Housing (Los Sures)
Supportive Housing Network of New York
United Neighborhood Houses
Urban Architectural Initiatives