New York City Mayor Zohran Mamdani on Thursday announced a new insurance program that looks to reduce the cost of property and liability insurance for affordable housing and rent-stabilized housing.
An inter-agency working group comprised of the New York City Economic Development Corporation, Housing Development Corporation and Housing Preservation and Development will manage the selection and partnership of the insurance program, which aims to issue new insurance policies for 20,000 homes next year and 100,000 homes by 2030, officials said.
The program will be self-sustaining over time and will help the city subsidize more affordable housing and support housing and property owners with rising costs by addressing a major cost driver: the price of insurance has more than tripled since 2017…