Mayor Eric Adams and City Council Speaker Adrienne Adams have agreed on a $112.4 billion city budget that includes an additional $2 billion for housing over the next two years. The new funds will provide $1.3 billion to the Department of Housing Preservation and Development (HPD) and the rest to the New York City Housing Authority. This funding aims to address the housing crisis, with $272 million allocated for low-income housing and $479 million for affordable multifamily units. Despite this, some council members feel the amount is insufficient compared to their $3 billion request.
Mayor Eric Adams
