New York, NY –New York City has announced new investments to create more homes, connect more New Yorkers to homes, and keep more New Yorkers in the homes they already have as part of upcoming investments in his Fiscal Year (FY) 2026 Executive Budget.
NYC has made an historic commitment to fund housing for New Yorkers. The city allocated $24.7 billion towards affordable housing through the city’s 10-Year Capital Plan, including making a $1 billion commitment for housing as part of Mayor Adams “City of Yes for Housing Opportunity” initiative. New York City will also invest an additional $350 million in the Permanent Affordability Commitment Together (PACT) and New York City Public Housing Preservation Trust programs to renovate thousands of New York City Housing Authority (NYCHA) units. To keep New Yorkers in their existing homes, Anti-Harassment Tenant Protection Program is providing legal services that will proactively engage tenants experiencing landlord harassment.
“When we came into office, we said the days of letting people languish on our streets and on the subways were over. It was not safe, it was not humane, and it was not going to happen on our watch. That’s why we doubled the number of street outreach teams, pushed for new laws to get people the help they need, and began building thousands of new shelter beds that give people extra support. With our administration’s upcoming budget, we are doubling down on these efforts — building thousands of new supportive housing units that will help get even more people into stable homes as well as investing billions of dollars over the next 10 years in new affordable housing,” said Mayor Adams. “The sweeping investments we are announcing today as part of the ‘Best Budget Ever’ will help so many New Yorkers, from vulnerable people living on our subways to families searching for their first home, and create a safer, more affordable city for the decades to come.”
Mayor Adams has announced that New York City will reimagine the city’s 15/15 Supportive Housing Initiative to better support vulnerable New Yorkers — including individuals with serious mental illness, substance use challenges, or complex traumas — and create more affordable housing for them. First launched in 2015, 15/15 set an ambitious goal of financing 15,000 new units of supportive housing that offer New Yorkers both affordable housing and social services.
“The re-allocation of funding from the 2016 NYC 15/15 supportive housing initiative is a significant victory for tenants and providers alike and will ensure the creation and preservation of desperately needed units at a deeply uncertain time. The Network and the entire supportive housing community applaud the Adams administration for taking this important step,” said Pascale Leone, executive director, Supportive Housing Network of New York. “While the original initiative sought to create 7500 ‘scattered site’ units, the affordable housing crisis has made that goal unworkable. Today’s announcement will enable the city to put those funds to better use, creating thousands of new, high-quality affordable and supportive apartments while ensuring those created decades ago remain livable. Our community has long advocated for this resource re-allocation, responding to tenants who have made clear that congregant living is far preferable and safer.”
