Transcript: Mayor Adams Announces $50 Million Initiative to Reduce Barriers and Support Minority-Owned Developers to Build More Affordable Housing

March 4, 2024

Commissioner Adolfo Carrión, Jr., Department of Housing Preservation and Development: Good afternoon, everyone. I'm Adolfo Carrión, Jr., I'm the commissioner of the New York City Department of Housing Preservation and Development. 

This is a special moment of new urgency for addressing our housing crisis. Nearly one month ago, we learned that New York City's housing vacancy rate dropped to 1.4 percent, the lowest rate since 1968. This historically low vacancy rate illustrates the pressures New Yorkers are facing in the housing market, and it underscores the dramatic need for more homes in New York City, especially for lower income New Yorkers. 

One of the most important ways we can address this crisis is simple: build more housing. At HPD and at the Housing Development Corporation, we depend on strong public‑private partnerships to build the affordable housing that we need. Yet important partners in this work — Minority Business Enterprises, both men and women — have at times struggled to secure financing and grow to take on larger projects here in our city. 

As Mayor Adams has repeatedly said, we can't wait to move forward on our ambitious housing agenda, and this includes empowering our minority business enterprise firms to take the lead — take the lead — in this work. So, ladies and gentlemen, with no further delay and to announce the details of this historic initiative, I am proud to introduce… Or, present, I should say, the 110th mayor of the City of New York, Mayor Eric Adams. 
   
Mayor Eric Adams: Thank you. Thanks so much, commissioner and just really the team that's here. This is something that… I was happy to see Ericka, something that we talked about during my days as the borough president. When it comes down to building, it's just, you don't see the presence of minority builders who are part of the growth of the city. 

Far too often, we see the buildings going up and the hope and prosperity of those who live in these communities, their desires and their needs are going down. And we need to align on what we do to effectively coordinate with the success that we're seeing in this city. 

And I think it was an awakening for all of us when Deputy Mayor Maria Torres‑Springer on one of our morning briefings shared with us we have a one percent vacancy rate. That is just unacceptable. And we cannot on one breath call to end the housing crisis, but then we say, don't build on my block, don't build in my neighborhood, don't build in my community and we put up barriers to building. 

And that's why we must become a City of Yes, and we need our partners. And I see Goldman Sachs so much that I believe that, you know, you're a partner with the city on so many initiatives, from our Small Business Opportunity Fund to other initiatives. 

And I just really want to thank Goldman Sachs, the Community Preservation Corporation, New York City Housing Preservation and Development, and all of our partners. And a job well done, Commissioner Carrión, who's bringing his experience as a former borough president and someone who has really leaned into housing development throughout the years. 

And all of you behind me, thank you so much. You know, I heard you, I heard you loudly and clearly, not only as a borough president, but on the campaign trail, that you were just really left out. And we were dealing with traditional folks over and over again, and this was on my checklist of how do we dismantle some of those barriers that prevent diversity throughout the entire housing process. 

We want to make sure that we build the housing we need, but equity, we want to be an administration that deals with the historical inequities that have existed in our city a long time. And we came into office two years ago, I would say it over and over again to protect public safety, revitalize the economy and make our city more livable for hard‑working New Yorkers, and that means building more housing for more people. 

We have an inventory problem. The DM has told us over and over again it's the inventory problem that we are facing. And especially for people of color, and created more jobs for so many who have been denied opportunities in the past. 

And too long, Minority Business Enterprises have faced systemic barriers and restrictive financial requirements in our construction industry. It has been a well‑known secret for far too long, and our goal is to dismantle that, barriers that have prevented them from being part of the solution to the affordable housing crisis. 

And what I've learned with First Deputy Mayor Wright, pulled together minority builders of, they are looking for more than just profit, they're looking to help people. Many of them have come from these communities where historical denial of proper housing. So, they're really committed because they see the families, they see the faces and they see the great opportunities to do so. 

Well, today it ends. This $50 million new initiative, the New York City Minority Business Enterprise — acronym, MBE — Guaranty Facility will get money to minority‑owned affordable housing developers and access resources they need to build more housing across the city and introduce long overdue equity into how we build that housing. 

The MBE Guaranty Facility will reduce barriers by enabling as much as $500 million in private construction lending to MBEs, helping us reach our moonshot goal that Deputy Mayor Maria Torres‑Springer put in place of 500,000 new homes in the next decade. It is needed, it is desperately needed. 

Our children are coming home from school, coming home from a successful college career, and they cannot afford to live in the city that they grew up in, and too many of our elders are unable to age in place because it has become unaffordable. 

And we could do a better job in doing so. We need to create job opportunities as part of this package, and this is a virtuous cycle that will help New Yorkers access the housing they need, the jobs and equity that they deserve. As we said in this year's [State of the City] address, this is a city that's facing a massive housing crisis not only in New York but across the entire country. 

60 years of injustice and undevelopment have brought us to the brink, and it's time for a powerful new housing agenda, one that will help us build more housing in every neighborhood. Every neighborhood must share the responsibility and obligation of building housing. 

There are too many neighborhoods where you have access to good transportation, access to good healthcare, access to good food, access to good schools, yet we have done no building in those communities. That must stop. That must stop. 

This is one city with one goal and one desire, and we must share all of the prosperity throughout the entire city. We must right the wrongs of the past and create opportunity for hard‑working New Yorkers. We cannot say no to our neighbors and our fellow New Yorkers, we have to say yes. 

This must become a City of Yes: yes in my backyard, yes on my block, yes in my city, yes in sharing my park, yes in sharing my transportation system, yes in sharing my hospitals, yes in sharing my supermarkets. We have to start saying yes. Everyone must have access to opportunities, and not over saturate and burden communities that we have for so long and displaced long‑term tenants. 

It's a bold initiative. It's a bold initiative, and there's a level of discomfort that's associated with growth. But when you come through it, you come through it being a better New Yorker that we're allowing all New Yorkers to enjoy the prosperity of this amazing city. 

That is why we're advancing a bold plan to build a little more housing in every neighborhood. Planning Commissioner Dan Garodnick and his team, we're moving around the community boards now and we're sharing this conversation from virtual vital zoning work with the City Council to actions in Albany and on the federal level. 

Everyone must be part of it: developers, citizens, community boards and our partners at all levels of government, to help get us there. And I know what it's like to live with housing insecurity. It's something that I faced as a child. Right now, there's an Eric Adams out there with his family and parents that are looking at this and they're saying yes to what we are attempting to accomplish. 

Job well done. I want to thank everyone that's here. Let's get it done. 
   
Commissioner Carrión: Thank you so much, Mr. Mayor. Minority and Women‑Owned Businesses are the backbone of our city and our economy, and they deserve our support to do what they want to do: help lead us out of our housing crisis. 

But they don't just need us; we need them, too. To build the housing we need, we must have a deep, experienced bench of housing developers that we can depend on. With their support, we will both meet the mayor's goals of, number one, making a more equitable and inclusive business environment; and number two, reach our moonshot goal of creating 500,000 new units of housing in the next 10 years. 

In addition to the MBEs this announcement is designed to support, we could not do this work without the support of our partners, and that includes the New York City Housing Development Corporation, who is committing $25 million to the MBE Guaranty Facility. Thank you to its President, Eric Enderlin, and I want to recognize its executive vice president, a tireless leader and Latina in our city, Ruth Moreira. Thank you, Ruth. 
   
She's a giant. Mr. Mayor, she's a giant. She's phenomenal. It's great to have you here, Ruth. 

We also could not make this announcement today without Goldman Sachs, who is matching HDC's commitment of $25 million to the MBE Guaranty Facility. We're so grateful for your support, and I'm so proud to be able to present Asahi Pompey, who is the Global Head of Corporate Engagement and President of the Goldman Sachs Foundation. Asahi. 
   
Asahi Pompey, Global Head of Corporate Engagement and President, Goldman Sachs Foundation: Thank you, Mayor Adams, we're saying yes. Thank you, Deputy Mayor Torres‑Springer. The last time we stood shoulder to shoulder was just under a year ago, where we were announcing the upsizing of a facility to help fund minority small business owners. 

Today, we come together again to address another major gap. With this first of its kind partnership, we are sounding the clarion call for affordable housing, we're sounding the clarion call for minority developers, and we're sounding the clarion call for economic vitality. 

Now, I know many of you here today are MBEs yourself. You know the barriers to accessing capital have been stubborn. And let's face it, finding affordable financing is not for the faint of heart. Lender guarantys, liquidity requirements, these barriers have pushed many of you to partner with larger firms, which dilute your ownership and reduce your returns. Simply put, traditional financing have not met MBEs where they are. 

Now, we all know that Goldman Sachs is in the business of deploying capital to create economic growth. Our role as a bank is to identify gaps in the market and to test solutions to unlock untapped financial opportunity. So, how exactly does this vehicle work? 

Through this facility, New York City and Goldman Sachs are linking arms with MBEs during the critical construction phase, providing backstops for completion, payment, carry guarantys required by lenders. This facility will unlock $500 million in construction financing to create nearly 2,000 affordable housing units for over 4,000 low and moderate income New Yorkers. 

Now that's the headline, but what is the throughline? This facility will enable MBEs to build a track record as affordable housing developers. This facility will allow MBEs to scale their operation by taking home a larger share of the profits and fees. And this facility will importantly create more responsive housing across the city built by those who understand the community they serve. 
   
Now we know that Mayor Adams has a bold vision for the city, and this broader partnership really underscores that vision: it is to transform MBEs from being an anomaly to a proof point, and eventually, a standard bearer, where this model can be replicated and scaled not just in New York City, but across the country. 

I want to recognize the many affordable housing minority developers like Ericka that have joined us today. I thank you for the work that you put in day‑in and day‑out to make this city more affordable, more accessible and more livable for thousands of New Yorkers. 

Now, I always believe in giving credit where credit is due, so please allow me as I close to give a big shout out to the Goldman Sachs UIG team, the investing team that's run by Sherry Wang and Dan Alger. Of course, HPD, led by Commissioner Carrión. HDC, led by President Enderlin; and, the indomitable team at CPC, led by Rafael Cestero. I thank you. 
   
Commissioner Carrión: Thank you, Asahi. And I love the message that our work should lead to the moment when this is unremarkable, it is just minority developers everywhere across the United States. We thank you so much, Asahi, Goldman Sachs, your partnership. This initiative is truly appreciated and certainly will make for a better city for everyone. 

We also could not make this announcement today without the Community Preservation Corporation, who always steps up, who is also serving as the facility manager, the hard stuff. 
   
Now allow me to introduce one of our key partners in building affordable housing in New York City not only in this initiative but in so many other projects across the landscape of the city. He is a predecessor in this office of commissioner of HPD, so he knows exactly the work that we're doing. Please welcome the CEO of the Community Preservation Corporation, my good friend, Rafael Cestero. 
   
Rafael Cestero, CEO , Community Preservation Corporation: If we have a race to hard jobs, I know I'm going to lose, so… I think we'll start here first, you have the hardest job. 

Thank you so much, Mr. Mayor, commissioner, deputy mayor, our partners at Goldman Sachs. CPC is a 50‑year‑old non‑profit financial institution that was founded to support the initiatives of the City of New York and to help the City of New York achieve its goals, help solve its housing crisis, help have an impact in neighborhoods and communities. 

A few years ago, we started something called CPC Access through which we have invested over $500 million in support of developers of color all over the city, helping them spur their projects. We heard the importance of a guaranty fund. We knew that this was a critical thing. 

And we're just honored to be a part of it, to be a partner with all of these amazing developers and with our public and private partners to achieve a critically important goal. We don't just have a housing crisis. Less than one percent of developers are our minority or of color. 

We need to change that. We need a more diverse, we need a more inclusive development sector. This fund is going to help us get there. CPC is thrilled to be a part of it, and we're thrilled to have the leadership of the mayor and the commissioner and the deputy mayor to help drive this forward. And we look forward to many, many great project announcements with this fund. Thank you so much. 
    
Commissioner Carrión: Thank you, Rafael. We're so grateful to have you with us here today, to have you with us, and really every day, because we're constantly in the grind with this. 

It's not lost on any of us that we just ended Black History Month and are at the start of Women's History Month. Black and brown women in particular are at a distinct and dramatic economic disadvantage. This is an MBE initiative, and it will also benefit Black and brown women developers. 

And with that, let me introduce one of the superstars out there who is from the neighborhood. And I recall going to a recent groundbreaking, Mr. Mayor, in Brooklyn. and it was very personal to this developer. And there was a lot of love from that community, because it was one of their daughters who came back home to build affordable housing and build community. Ladies and gentlemen, the CEO and founder of Brisa Builders Development, Ericka Keller. 
   
Ericka Keller, Chair and CEO, Brisa Builders: Thank you so much for that, Commissioner Carrión. I bring greetings this afternoon to Mayor Adams and his leadership team, to Commissioner Carrión and President Enderlin, and the leadership teams at HPD and HDC, elected officials, the financial institutions and the community stakeholders listening and in attendance today. 

My name is Ericka Keller, and I am the managing member of Brisa Builder's Development, which is an affordable housing firm based in Brooklyn, New York. 

We have developed approximately 1,500 units of affordable housing in the last decade in partnership with HPD, HDC, faith‑based organizations, community‑based non‑profits and the state agencies. 

We have been very strategic and very thoughtful about our development projects, focusing on very deep affordability, housing for seniors who can live independently ages 62 and older, seniors with challenges ages 55 and older, youth at risk of homelessness, homeless veterans and other groups of individuals that have been marginalized, disenfranchised and have not necessarily had access to quality housing opportunities. 

This work is so very hard, but I love the work and I am passionate about making the communities that I know and love more inclusive as this city continues, under Mayor Adams, to evolve and be a great place to live, work and commune. 

Today I speak on behalf of my colleagues who stand behind me as I represent too small of a group of Black female developers in New York City and across this nation who have not blossomed into the multitude that we could and we should with all of our Black girl magic. 
   
And why? Because we have faced institutional and financial barriers that prevent the cultivation and success of minority‑owned real estate development companies. Nationally, there are approximately 112,000 real estate development firms; and of that number, only 447 — I'll say that one more time, 447 — are Black‑owned, with only 175 of that 112,000 being Latino‑owned. 

Those numbers are utterly staggering and saddening statistics. I literally stand here as an anomaly if we further disaggregate that data by gender. 

About five years ago, the agencies asked advocacy groups for Black and Latino developers like the New York State Real Estate Chamber to take a deep dive into dissecting the institutional racism and systemic barriers we experience in the development of affordable housing. 

And, to use our poignant concrete examples to make the recommendations needed to change policy, procedures, practices, rules, guidelines that would make a difference in leveling the playing field for access to opportunity for Black and Latino developers. And slowly but surely, we are addressing each one of those stone walls and barricades of access, step by step, little by little, one policy at a time. 

So today we acknowledge the establishment of the Minority Business Enterprise Guaranty Fund. In short, the implementation of this facility makes me think of an old adage that I have mixed feelings about, that one of pulling oneself up by their bootstraps. Well, in order to do that, you have to have a boot and you have to have a strap. 
   
And so it is illogical to think that groups of people who have collectively and individually been economically marginalized and disenfranchised for generations would have the ability to have $4-5 million in the bank to post for guarantys of completion and continuation and any issue that may happen during construction. 

So, this is what is a requirement often by lenders for developers and contractors to qualify for large construction loans. So, this product creates a pool of funds that could provide the guaranty necessary so that developers and contractors can qualify for the specific requirement of the loan without having to individually post the $4-5 million of cash as an individual or firm. 

Therefore, this could potentially be a huge game changer in having Black and Latino developers qualify for large commercial construction loans that they otherwise would not have qualified, truly opening the door of opportunity for large development deals. 

So, we congratulate Goldman Sachs and New York City HDC for stepping up and taking the actionable steps necessary to make funds available for the Minority Business Enterprise Guaranty Facility, and to Community Preservation Corporation for the management of this guaranty facility, which will be difficult, and as we work through all of the new nuances of a new program. 

And we challenge other lenders in this space to see how they, too, can support the establishment of more Minority Business Enterprise guaranty facilities in New York City, New York State and across this nation, for only through responsive action by the government and the financial institutions can we effectuate real change through making this a fair, equitable and just country in all sectors of business. 

So, today, here in New York City, in the affordable housing sector, with the announcement of the Minority Business Enterprise Guaranty Facility, we have taken a small actionable step towards that goal and we have set our expectations to witness this success of this initiative by empowering Black and Latino emerging developers. 

We thank you, we thank you for listening, and we look forward to seeing the success of this happening, and we say yes. 
   
Commissioner Carrión: Bravo. I told you she's amazing. I have a confession to make. At her groundbreaking for that project, she made me tear up, and that's not a common moment for me in public. A big yes! Yes! Come on baby! I mean, this…  
   
This is it. Thank you. Thank you to all our partners, to the incredible hard work that has gone into this, to the incredible hard work, Deputy Mayor Maria Torres‑Springer, to finance affordable housing in this town. 

We could not do this without you and so many others like you who are the real driving force behind our affordable housing production. Again, thank you all for coming. And ladies and gentlemen, I hand it back to the boss, our mayor. 
   
Question: Good afternoon. 

Mayor Adams: How are you? 

Question: I'm well, how are you? 

Mayor Adams: Good. 

Question: Fantastic. Can you talk a little bit more about how minority‑owned developers will be able to qualify for this funding? And are you [inaudible] funding or just giving them, I guess, the backing that they need, or to qualify… 

Mayor Adams: Do you want to do it, Maria? 

Deputy Mayor Maria Torres‑Springer, Housing, Economic Development and Workforce: Sure. 

Mayor Adams: You know, we always like when you…  
   
Deputy Mayor Torres‑Springer: I'd be happy to. 

Commissioner Carrión: She's the best. 
   
Deputy Mayor Torres‑Springer: Thank you for that question. So, I'll give the specifics in a second, but just to connect some dots. The mayor said the only way out of this crisis is to build new homes, right? The question is, who is going to build those homes? 

Through this guaranty facility, we want to make sure that our MBE developers across the city have a fair shot at doing as much of that building as possible. And so a $50 million fund, half of it through Goldman Sachs, half of it through the Housing Development Corporation, managed by the Community Preservation Corporation. 

These are major players who will make sure that we're actually able to leverage from that 50 million about $500 million worth of private lending. That will help us at the start support about 10 projects. 

Here's how you find out about this guaranty facility. CPC will start taking applications before the end of the month, before the end of the month, which is March. In the meantime, those who are interested in this guaranty facility can contact us at mbeguaranty@hpd.nyc.gov so we can start providing more information. 

But it essentially works as that backstop, that backstop during construction that Asahi he mentioned, which might seem simple and there are probably a lot of developers in the city who have no problem putting up that guarantee. But it has been a historical barrier for MBEs in this city and we want to dismantle that by providing that important guaranty during construction through this facility so that those businesses can build, they can scale and we can really start moving the new needle in terms of both the housing crisis and the equity gaps that exist in development in New York. 

Mayor Adams: And the deputy mayor says something that I hope that a lot of people didn't miss, is that all of the necessities in the city, someone is going to supply them. We have a housing crisis, someone is going to build those houses. We feed New Yorkers, someone is going to feed them. We have to transport New Yorkers for several different reasons, someone is going to transport them. 

All of these items, someone is going to do them. The problem has been, no one has been asking the question, is it equitable? That's what this administration is doing. That's the job of Michael Garner, our Chief Diversity Officer. Every year, we supply these services, billions of dollars. But you know, yes, we supply the services, but no one is asking the question, are the people supplying the services look like the people who are receiving the services like an Ericka? 

That's what we're doing, and that's a challenge because there have been historical norms that people go back to those who they are comfortable with for whatever reason or another, and we're saying no to that. 

And not only do we want to build up our city, supply the goods and services, but we want those who are long‑term New Yorkers who are supplying the services to particular groups, they should be looking like the people who are supplying those services. 

We have to change the way we do business in this city. When we're able to stabilize any of the people behind us, they can leverage that to go out and get more businesses, because it's a sure, guaranteed way of revenue projections and income. 

That's what we're going after. This is larger than just do we need more housing; who's going to build that housing? That's where we're going. 

Question: A quick question for deputy mayor, maybe you want to take this, mayor, too. So, the $50 million basically serves as collateral in a way, is that right? And the $500 million in financing, is that, I mean, that would be coming from various banks or just Goldman? Okay. 

Now when that, you talked about scaling up, right? Like, I mean, that $500 million coming in and going to various firms, do you foresee that kind of helping these firms kind of create a better economy of scale with what they do, which is, from my understanding, kind of a problem that minority‑owned business have faced in the past in terms of this situation. 

Deputy Mayor Torres‑Springer: So, the $500 million in private lending we do believe will be unlocked because we are providing this guarantee. At the end of that, we're under no illusion that all of the problems will then be solved, but it's such an important proof point to ensuring that other lenders, other government institutions, other organizations that are able to bring down that barrier, that they do the same. 

It was mentioned earlier, we have to go from an MBE building the types of affordable housing we need, from that being an anomaly, to being a real proof point, to being just the norm. And it's not going to happen overnight, but it's also not going to happen if governmental institutions and major business partners like Goldman Sachs, that we don't put our money where our mouth is. 

So, that's what we're doing today, Michael. It will leverage that $500 million of private loans for these projects. And then I have no doubt that this will be so successful that we can scale this even more. 

But the mayor made an important point: it's also about demonstrating to other lenders that this is possible, it's effective, it's a good business strategy. And so MBE developers themselves, as their portfolio grows, as they continue to successfully build the housing, that track record speaks for itself. 

That's how we change the market, but it requires first movers. It requires investment up front. And that's what this announcement is. 

Question: Hi, Mayor. 

Mayor Adams: Yes. 

Question: This is costing the city $25 million. Council report over the weekend says the city has three billion plus more than we were anticipating. Should we anticipate more announcements like this and less sort of cautious speak from the administration? 

Mayor Adams: You know, I say it over and over again, we have to get it right. And I appreciate and value the thoughts of the City Council, and we have a role here in City Hall, and I think it's the balance of the two that we find the sweet spot. We must be good keepers of taxpayers' dollars. And we're going to do our analysis on exactly what dollars we have available, and I have a lot of trust in this administration. 

But clearly, I can easily say I trust the administration, I think it's more important to hear from S&P, Fitch and others. Others have stated we trust this administration. Bond raters have indicated we trust what this administration is doing. And those are international, independent observers that stated that this is... We're in good hands, this city's in good hands. 

And so we look forward. Whatever announcement we can make, we did, we recovered NYPD, Department of Education, Parks, FDNY. When we can, we will. But they're turbulent days ahead of us. We're not out of the woods, and we cannot spike the ball and say, you know, the game is over. 

No, we have some real challenges in front of us: sunsetting of those stimulus dollars is real, the uncertainty of our economic future is real. We still are receiving, you know, a substantial number of migrants and asylum seekers. We've done a good job of managing the cost. We're going to have a 30 percent PEG in that area. 

But we have to listen to what those who are experts in this area, what they have been saying, and they've been saying that Eric, you got this and you're doing this. We're going to continue to do that. 
   
How are you? 

Question: Hi, Mr. Mayor. I think this question is probably for the deputy mayor. 

Mayor Adams: Yes. 

Question: I wanted to know, the 10 projects this access to $500 million will fund, about how many units is it? And when you're backing the loan, does it mean that the MWBEs will have access to lower interest rates when they're borrowing the money to fund their construction? 

Deputy Mayor Torres‑Springer: So, I'll start, and I think we should hear from our partners who will be implementing this as well. Approximately 2,000 units we believe will be supported by this initial strong investment. And as I mentioned, if we can scale, we will do that. But that's the initial estimate. 

And the idea is certainly to ensure that there are, that MBE developers are able to access the types of loans at competitive interest rates in order to actually build the projects. 

But I think it would be helpful if either the commissioner or Rafael can talk through what the major qualifications are through this program to give a sense of who will be eligible and the types of projects we're in particular looking to support. 

Commissioner Carrión: You know, many of the participants are already doing business with the City of New York and have been part of deals producing affordable housing. They have a track record as partners. We have a requirement that allowed some of them to come in as partner developers in these deals. 

But this is about bankability. This is about the ability to go solo, to not have to go to a majority general contractor to be your partner so that you can be bankable, so that you can have a strong balance sheet. It means, Ericka, not having to go or many of these developers not having to go to another partner that takes 51 percent of the deal while they hold 49. 

So this is about equity, but it's fundamentally about being able to fairly finance these deals. So it creates that, you know, that backstop, collateral backstop, that you were talking about, Michael, and allows these folks to fly solo. 

And these are, it's a multi‑billion dollar industry in New York City, the affordable housing industry, and so many people are not participating because of the historic inequities and the inability to play in the game. 

Question: Because it's too expensive for them to borrow money? 

Commissioner Carrión: They don't, a lot of them don't have the strong balance sheet history, and you're required to have a lot of cash on hand to be able to put up guaranties to ensure that the lender is going to take the risk on your project. 

Question: Good afternoon, Mayor Adams. 

Mayor Adams: What's happenin'? 

Question: How has the city's affordable housing crisis been affecting the migrant crisis and vice versa… 

Mayor Adams: But I like that turtleneck. People don't wear turtlenecks anymore. 
   
Go ahead, go ahead, finish. 

Yes. 

Question: And baggy pants, too, I heard. 
   
Mayor Adams: I gotta rock a turtleneck, you know that? 
   
Question: There's a state program, MRAP, to relocate migrant families out of the city, but it has not helped as many families…  
   
Mayor Adams: Yeah, let 'em flow, let 'em flow. 

Question: I was just wondering about, does the state need to do more to offer housing options outside of the city? 

Mayor Adams: What outlet are you with? 

Question: I'm with FOX News. 

Mayor Adams: Okay, FOX. 

Listen, the help is the national government. I keep saying this over and over again. And I am really surprised that the source of this problem is a failure of a national solution. And we pay a lot of attention to what the state is doing, the governor has been a partner in this, and we pay a lot of attention to what New Yorkers have done. 

It's just unbelievable what New Yorkers have really sacrificed and are doing. This is a national problem. We need a national solution, not only for New York, but on behalf of my colleagues in Chicago, El Paso, Los Angeles. I say this over and over again, and it's a little surprising to me how little attention we're paying, we're looking at what the national solution should be. 

And so the goal is to not only have a decompression strategy on the national level, but also on the state level. And whatever programs we put in place, we need to allow people to next step to the American dream. And it changes instantly if we do one thing, allow them to work. 

My partners in Albany, my partners in other cities, they all stated, Eric, we're with you. Just allow them to work to fill the vacancies of jobs that they have. We have countless number of jobs. We're getting ready to go into the beach season. We need lifeguards. I was just down at the HERRC on Randall's Island and was asking, how many of you guys know how to swim? All the hands went up. 

We've got to fill these jobs that we have available. We have a lifeguard shortage, and we have a group of people who can pass the lifeguard test without a problem at all. Something is just off balance here. And so, yes, all of us need to play a role in this housing. 

[Crosstalk.] 

Thank you all. 

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