Mayor Eric Adams announced new housing investments in New York City on Monday, September 29th, committing $1.8 billion this fiscal year to accelerate the construction and rehabilitation of affordable units. The plan increases the Department of Housing Preservation and Development’s budget by $1.5 billion. It allocates $300 million to the Housing Authority. Officials stated that the funding will provide nearly 6,500 homes across more than 10 projects, with a priority given to vulnerable residents.
“We’ve invested record amounts of money into new housing, created record amounts of homes for New Yorkers, and passed historic zoning reform,” Mayor Adams said. “With this $1.8 billion investment, we’ll deepen our commitment to creating the housing New Yorkers need and the affordable future they deserve.” Deputy Mayor Adolfo Carrion, Jr. added that the move “will be pivotal in creating more affordable housing and getting more New Yorkers housed.”
The reallocation moves funds forward in the capital plan, allowing HPD to close additional projects in 2026 and build about 4,000 affordable homes earlier than expected. NYCHA will convert 2,500 units to Section 8 through the PACT program, which provides repairs and upgrades. Officials said these measures reinforce the administration’s position as the most pro-housing in city history, building on more than 426,000 homes already created, preserved, or planned.
Earlier this year, Mayor Adams announced that the city had produced a record number of affordable rental units in Fiscal Year 2025, including homes for formerly homeless residents. The “City of Yes for Housing Opportunity” initiative, passed in 2024, is expected to create 80,000 new homes over 15 years, with $5 billion for infrastructure. Current neighborhood plans in the Bronx, Midtown South, and Brooklyn, along with new efforts in Queens, aim to deliver nearly 50,000 more homes.
The “City of Yes for Families” strategy builds housing alongside schools, parks, transit, and grocery stores. The administration also expanded the Partners in Preservation program with $24 million for tenant advocacy and the Homeowner Help Desk with $13 million for counseling. These initiatives are paired with new state tools such as tax incentives for office conversions, multifamily rental construction, and legalization of basement apartments.
Mayor Adams said these measures prove his administration is “not just talking about solving the city’s housing crisis” but putting resources directly into development. By accelerating projects and strengthening protections, the plan aims to create a more affordable and equitable city. Officials said the $1.8 billion commitment represents a major step toward addressing long-standing housing shortages while supporting working families across all boroughs.
