In a sweeping announcement during his “Budget Week,” New York City Mayor Eric Adams unveiled major housing initiatives in his Fiscal Year 2026 Executive Budget, aimed at creating new homes, connecting vulnerable New Yorkers to supportive housing, and keeping current residents in their homes.

Labeling it the “Best Budget Ever,” Adams pledged a record $24.7 billion toward affordable housing over the next decade, while reinforcing his administration’s commitment to affordability, public safety, and quality of life.

“When we came into office, we said the days of letting people languish on our streets and on the subways were over. It was not safe, it was not humane, and it was not going to happen on our watch,” said Mayor Adams. “That’s why we doubled the number of street outreach teams, pushed for new laws to get people the help they need, and began building thousands of new shelter beds that give people extra support. With our administration’s upcoming budget, we are doubling down on these efforts – building thousands of new supportive housing units that will help get even more people into stable homes as well as investing billions of dollars over the next 10 years in new affordable housing.”

Among the key highlights of the budget is a $1 billion investment under the “City of Yes for Housing Opportunity” initiative, part of the city’s ambitious plan to create 80,000 new homes over the next 15 years and invest $5 billion into essential infrastructure upgrades. Additional investments include $350 million to renovate thousands of NYCHA units through the Permanent Affordability Commitment Together (PACT) and the New York City Public Housing Preservation Trust programs.

“In the last year, we have made unprecedented gains in creating and preserving affordable housing for all New Yorkers,” added Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion Jr. “This year’s budget will capitalize on these monumental achievements and continue to invest billions of dollars in our city’s housing agencies so they can create housing stability and opportunity for every New Yorker.”

Connecting Vulnerable New Yorkers to Homes

Further building on efforts to tackle street homelessness, the city will invest an additional $46 million — totaling $229 million over several fiscal years — to reimagine and expand the 15/15 Supportive Housing Initiative. This revitalized strategy focuses more heavily on congregate supportive housing, which combines affordable apartments with on-site social services, tailored for individuals with serious mental health needs, substance use challenges, and complex traumas.

The 15/15 initiative, originally aiming for a mix of scattered-site and congregate housing, faced hurdles in delivering scattered-site units. The shift to focus on congregate living will result in 5,850 new or preserved supportive units, 80 percent of which are expected to be newly built.

Keeping New Yorkers in Their Homes

In an effort to prevent displacement and protect tenants from landlord harassment, the FY2026 budget will allocate $7.6 million to bolster legal services through the Anti-Harassment Tenant Protection Program. This follows a series of tenant-focused initiatives under Mayor Adams, including the expansion of the Homeowner Help Desk and the creation of New York City’s first-ever Tenant Protection Cabinet.

Community Support and Reaction

The plan has been met with broad support from housing advocates.

“The re-allocation of funding from the 2016 NYC 15/15 supportive housing initiative is a significant victory for tenants and providers alike and will ensure the creation and preservation of desperately needed units at a deeply uncertain time,” said Pascale Leone, executive director of the Supportive Housing Network of New York. “Today’s announcement will enable the city to put those funds to better use, creating thousands of new, high-quality affordable and supportive apartments while ensuring those created decades ago remain livable. Our community has long advocated for this resource re-allocation, responding to tenants who have made clear that congregant living is far preferable and safer. We are deeply grateful to the mayor and the administration, particularly the Department of Housing Preservation and Development, the Department of Social Services, and the Department of Health and Mental Hygiene, for making this impactful decision that will create and sustain thousands of homes for New Yorkers in need.”

Mayor Adams emphasized that today’s announcements are part of a larger vision to make New York “the best place to raise a family,” maintaining the city’s record-high reserves while addressing its housing crisis head-on.