Mayor Adams Unveils New Investments in Upcoming Mayoral Budget to Create More Homes, Connect More New Yorkers to Homes, Keep More New Yorkers in Homes

April 28, 2025

Watch the video here at https://www.youtube.com/watch?v=H8AhG61JJwo

Following Back-to-Back Record-Breaking Years for Affordable and Supportive Housing, City Will Invest $24.7 Billion in Housing as Part of 10-Year Capital Strategy, Including $1 Billion as Part of City of Yes for Housing Opportunity

Along With Historic $650 Million Investment to Curb Street Homelessness Announced Earlier This Year, City Will Invest $46 Million to Help Create and Preserve 5,850 Units of Supportive Housing, Reimagine 15/15 Housing Initiative and Get New Yorkers Help and Housing They Need

Building on Expansion of Homeowner Help Desk and First-Ever Tenant Protection Cabinet, FY2026 Executive Budget Includes New Investments to Keep New Yorkers in Their Homes, Provide Legal Services for Tenants

Part of Mayor Adams' "Budget Week," Unveiling "Best Budget Ever," Which Invests in Affordability, Public Safety, and Quality-of-Life Issues New Yorkers Care Most About

New York – New York City Mayor Eric Adams today 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. The investments – part of the "Best Budget Ever" – once again, solidify the Adams administration's position as the most pro-housing administration in New York City history. Following several back-to-back years shattering affordable housing records, today's investments, first, continue the Adams administration's historic housing production numbers by allocating $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' historic "City of Yes for Housing Opportunity" initiative. Additionally, Mayor Adams announced today that New York City will 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. Second, after breaking supportive housing records two years in a row and unveiling a sweeping $650 million investment to address homelessness earlier this year as part of his State of the City address, Mayor Adams today announced that New York City will invest an additional $46 million – to bring the total to $229 million over several fiscal years – to revitalize the city's 15/15 Supportive Housing Initiative and create and preserve 5,850 supportive, congregate housing units that provide vulnerable New Yorkers with an affordable home as well as on-site social services. Finally, to keep New Yorkers in their existing homes, Mayor Adams touted new investments in Anti-Harassment Tenant Protection Program legal services that proactively engage tenants experiencing landlord harassment. The investments announced today further solidify the Adams administration's position as the most pro-housing administration in New York City history, building on Mayor Adams' five neighborhood plans that will deliver more than 50,000 new housing units and his ongoing commitment to creating new housing on city-owned sites.

"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."

"In the last year, we have made unprecedented gains in creating and preserving affordable housing for all New Yorkers," said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion Jr. "This year's budget will capitalize on these monumental achievements and continue to invest billions of dollars in our city's housing agencies so they can create housing stability and opportunity for every New Yorker."

Creating New Homes for New Yorkers

Since entering office, Mayor Adams has made historic investments toward building the affordable housing that New Yorkers need. The Adams administration has shattered affordable housing records two calendar years in a row – creating and connecting New Yorkers to record amounts of affordable housing – and last December, Mayor Adams celebrated the passage of City of Yes for Housing Opportunity, the most pro-housing proposal in city history that will build 80,000 new homes over 15 years and invest $5 billion towards critical infrastructure updates and housing.

In addition to the sweeping City of Yes for Housing Opportunity initiative, the Adams administration is advancing several robust neighborhood plans that, if adopted, would deliver more than 50,000 units over the next 15 years in Midtown South in Manhattan; in Long Island City and Jamaica in Queens; and around Atlantic Avenue in Brooklyn. Last year, the New York City Council approved the Bronx-Metro North Station Area Plan, which will create approximately 7,000 homes and 10,000 permanent jobs in the East Bronx.

The Adams administration's 10-Year Capital Plan will build on those projects, investing $24.7 billion in affordable housing – including $1 billion in new funding through Mayor Adams' City of Yes for Housing Opportunity initiative – to support the New York City Department of Housing Preservation and Development's (HPD) and NYCHA's core capital programs that build new homes, preserve existing homes, deliver capital repairs, and more. Moreover, Mayor Adams announced today that the city will invest an additional $350 million in the PACT and Trust programs to renovate thousands of NYCHA units, bringing the total investment in the 10-Year Capital Plan for Section 8 conversions to $1.2 billion.

Connecting More New Yorkers to Homes

Mayor Adams has committed to getting every New Yorker, particularly vulnerable populations who need extra support, the help and housing they deserve. Last year, the Adams administration invested $900 million in supportive housing efforts. Additionally, as part of his State of the City address earlier this year, Mayor Adams announced that New York City will invest $650 million over several fiscal years in hundreds of new Safe Haven beds that offer a more flexible, personalized option for New Yorkers experiencing unsheltered homelessness; an innovative facility specifically to support unsheltered New Yorkers with serious mental illness; and a pilot program to connect soon-to-be parents applying for shelter with services that help them find permanent housing and prevent homelessness before their child is born.

Building on these investments, Mayor Adams announced today 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; this target was originally split between congregate units that provide housing and supportive services together at the same location and scattered site units that provide private market housing and supportive services at separate locations. While the city has exceeded its target for awarding new congregate units, it has nonetheless faced long-term challenges meeting its target for scattered site units.

To address these long-term challenges and efficiently connect more New Yorkers with valuable resources, the city will shift the focus of the program to producing more congregate units. Along with funding committed in the 10-Year Capital Plan, Mayor Adams announced today that the city will invest an additional $46 million in expense funding over several fiscal years to finance 5,850 congregate units and help thousands of individuals connect to permanent housing from the streets and from shelters. Eighty percent of those units are projected to be newly-constructed supportive units and 20 percent are expected to be preserved units, bringing them into the 15/15 program for the first time. These numbers are subject to change as the city implements this initiative.

Keeping New Yorkers in the Homes They Already Have

Finally, Mayor Adams has focused on keeping New Yorkers in their existing homes, launching New York City's first-ever Tenant Protection Cabinet to develop policies and long-term strategies to support tenants; expanding the Partners in Preservation Program to the entire city in 2024 through a nearly $24 million investment in local organizations that support tenant organizing and combat harassment in rent-regulated housing; expanding the Homeowner Help Desk, which provides low-income homeowners with financial and legal counseling, to the entire city; and securing the largest housing discrimination settlement in city history.

Building on these investments, the FY2026 budget will invest $7.6 million in Anti-Harassment Tenant Protection Program legal services that proactively engage tenants experiencing landlord harassment. This critical program proactively engages with, and provides legal services and representation to, tenants experiencing disrepair and harassing treatment.

Today's announcement comes during Mayor Adams' "Budget Week," where the Adams administration is unveiling signature investments in the "Best Budget Ever," which will make New York City safer, more affordable, and the best place to raise a family, while maintaining record-high reserves and ensuring a strong fiscal future for the City of New York.

"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. We are deeply grateful to the mayor and the administration, particularly the Department of Housing Preservation and Development, the Department of Social Services and the Department of Health and Mental Hygiene, for making this impactful decision that will create and sustain thousands of homes for New Yorkers in need."