Mayor Eric Adams has released his Fiscal Year 2026 Executive Budget, which includes significant investments in New York City's housing sector. The budget outlines a $24.7 billion plan to support affordable housing over the next ten years, including $1 billion for the "City of Yes for Housing Opportunity" initiative, according to an announcement from the Mayor's Office. The funding is intended to improve housing access and affordability, particularly for lower-income residents.
The city’s latest budget focuses not only on building new housing but also on strengthening the connection between New Yorkers and long-term housing stability. An additional $350 million is allocated to support the Permanent Affordability Commitment Together (PACT) initiative and the New York City Public Housing Preservation Trust. These funds are intended to help improve conditions in thousands of NYCHA units currently in need of repair.
In addressing homelessness, Mayor Adams has added $46 million in funding as part of a broader $229 million commitment over the coming fiscal years to advance the city's 15/15 Supportive Housing Initiative. The updated plan aims to create and preserve 5,850 supportive congregate housing units that include on-site social services for vulnerable populations. Mayor Adams stated, "When we came into office, we said the days of letting people languish on our streets and on the subways were over," as per reports by the Mayor's Office. highlighting measures such as expanding street outreach teams and developing additional supportive housing units.
Preserving housing for long-time city residents is also a priority, with Mayor Adams allocating $7.6 million to the Anti-Harassment Tenant Protection Program to provide legal services aimed at protecting tenants from landlord harassment. Pascale Leone, executive director of the Supportive Housing Network of New York, noted that shifting funds from the 2016 NYC 15/15 initiative toward congregate housing aligns with tenant preferences for safer living environments and reflects the challenges of meeting scattered site goals during the ongoing housing crisis, this according to the Mayor's Office.
This week, referred to as "Budget Week" by the Adams administration, marks the introduction of key investments backed by the Mayor. These initiatives are part of a larger plan outlined in what the administration calls the "Best Budget Ever," aimed at enhancing affordability and public safety in New York City, while also building substantial fiscal reserves to support a stable financial future, as reported by the Mayor's Office.
