On June 30, 2025, the New York City Council passed a $115.9 billion budget for Fiscal Year 2026, prioritizing affordable housing, tenant protections, and homeownership initiatives. This budget reflects the Council’s commitment to addressing the city’s housing crisis, with a historic level of funding aimed at creating and preserving affordable housing, enhancing neighborhood infrastructure, and supporting vulnerable residents.
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Major Housing Funding Increase
The Council secured $1 billion in expense funding and $3 billion in capital funding for housing-related initiatives. These funds are dedicated to expanding affordable housing, preventing homelessness, supporting homeownership, and providing tenant protections across the five boroughs.
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City for All Housing Plan
As part of the City for All housing plan, the budget allocates $4 billion in capital funding to further support the creation and preservation of affordable housing, as well as to bolster neighborhood infrastructure. This is a significant step in addressing the city’s housing shortage and meeting the needs of its growing population.
Tenant Protection Initiatives
A key aspect of the FY 2026 budget is a $50 million increase in funding for tenant protections. This investment is designed to enhance resources for rent-stabilized tenants, improve housing quality, and prevent displacement, ensuring greater stability for New York City residents…