Most Pro-Housing Administration in City History: Mayor Adams Will Invest Additional $1.8 Billion This Fiscal Year to Speed Up Creation of Thousands of New Affordable Homes

September 29, 2025

Adams Administration Will Accelerate Additional $1.5 Billion in HPD and $300 Million in
NYCHA in FY 2026 to Expedite Construction and Rehabilitation of Nearly 6,500 Homes

City Investing Total of $25.8 Billion in Affordable Housing
Through the Upcoming 10-Year Capital Plan

Adams Administration Has Already Created, Preserved, or Planned
Over 426,000 Homes for New Yorkers Through Efforts to Date

Announcement Part of Mayor Adams' "Affordable Autumn" Initiative,
Series of Announcements to Create a More Affordable City for Working-Class New Yorkers

NEW YORK - New York City Mayor Eric Adams today announced that his administration will invest an additional $1.8 billion this fiscal year alone to speed up the development of thousands of affordable homes in New York City. By increasing the New York City Department of Housing Preservation and Development's (HPD) Fiscal Year (FY) 2026 budget by $1.5 billion and the New York City Housing Authority's (NYCHA) Section 8 Conversions FY 2026 budget by $300 million, the Adams administration will be able to expedite the creation and rehabilitation of nearly 6,500 more homes across more than 10 projects. The new projects, which will be prioritized to serve the most vulnerable New Yorkers, will increase the amount of new affordable housing financed by HPD in FY26 by approximately 25 percent and reinforce, once again, the Adams administration's position as the most pro-housing administration in city history as the administration has already created, preserved, or planned over 426,000 homes through its efforts to date alone. Today's announcement continued Mayor Adams' "Affordable Autumn" initiative, a series of announcements throughout the season focused on the Adams administration's work to put money back into the pockets of working-class New Yorkers and create a more affordable city.

"We've invested record amounts of money into new housing, created record amounts of homes for New Yorkers, and passed historic zoning reform to open the door to more housing across the entire city. With this $1.8 billion investment, we'll deepen our commitment to creating the housing New Yorkers need and the affordable future they deserve," said Mayor Adams. "We're not just talking about solving the city's housing crisis; we're putting our money where our mouth is to build more housing more quickly and proving once again why we are the most pro-housing administration in city history."

"We are in a housing crisis that makes it difficult for New Yorkers to live the life they need and want to live," said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion, Jr. "That is why this administration has worked hard to be the most pro-housing administration in the history of the city. This acceleration of investment further builds on the monumental accomplishments we have made and will be pivotal in creating more affordable housing and getting more New Yorkers housed."

The new funding - which will be moved from the out years of the capital plan into FY26 - underscores the Adams administration's continued commitment to tackling New York's housing crisis; by moving this funding to FY 2026, HPD will be able to close on additional housing developments in the near term and build approximately 4,000 affordable homes more quickly than originally planned. Moreover, with the infusion of an additional $300 million into FY26, NYCHA will be able to convert approximately 2,500 units from traditional public housing to Section 8 through the Permanent Affordability Commitment Together (PACT) program. PACT conversions bring in much-needed funding to facilitate repairs and upgrade residential units, building systems, and outdoor spaces.

Since entering office, Mayor Adams has made historic investments to create more affordable housing and ensure more New Yorkers have a place to call home. Earlier this year, Mayor Adams announced that his administration has already created, preserved, or planned approximately 426,800 homes for New Yorkers through its work to date. Mayor Adams also announced that, in Fiscal Year 2025, the Adams administration created the most affordable rental units in city history and celebrated back-to-back-to-back record-breaking years for producing permanently-affordable homes for formerly-homeless New Yorkers, placing homeless New Yorkers into housing, and connecting New Yorkers to housing through the city's housing lottery.

In addition to creating and preserving record amounts of affordable and market-rate housing for New Yorkers, the Adams administration has also passed ambitious plans that will create tens of thousands of new homes as well. 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.

The Adams administration is also advancing several robust neighborhood plans that, if all adopted, would deliver nearly 50,000 homes over the next 15 years to New York neighborhoods. In addition to the Bronx-Metro North Station Area Plan, the Midtown South plan, and the Atlantic Avenue Mixed-Use Plan - all of which have already been passed by the New York City Council - the Adams administration is also advancing plans in Jamaica and Long Island City in Queens.

Building on the success of City of Yes for Housing Opportunity, Mayor Adams unveiled his "City of Yes for Families" strategy in his State of the City address earlier this year to build more homes and create more family-friendly neighborhoods across New York City. Under City of Yes for Families, the Adams administration is advancing more housing on city-owned sites, creating new tools to support homeownership, and building more housing alongside schools, playgrounds, grocery stores, accessible transit stations, and libraries.

Further, the Adams administration is actively working to strengthen tenant protections and support homeowners. The "Partners in Preservation" program was expanded citywide in 2024 through a $24 million investment in local organizations to support tenant organizing and combat harassment in rent-regulated housing. The Homeowner Help Desk, a trusted one-stop shop for low-income homeowners to receive financial and legal counseling from local organizations, was also expanded citywide in 2024 with a $13 million funding commitment.

Finally, Mayor Adams and members of his administration successfully advocated for new tools in the 2024 New York state budget that are already helping spur the creation of urgently needed housing. These tools include a new tax incentive for multifamily rental construction, a tax incentive program to encourage office conversions to create more affordable units, lifting the arbitrary "floor-to-area ratio" cap that held back affordable housing production in certain high-demand areas of the city, and the ability to create a pilot program to legalize and make safe basement apartments.

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