Bronx, NY – Last week, we won a major victory with Mayor de Blasio`s announcement that there would be a restoration of $466 million in cuts to the capital budget for affordable housing. In March, it was announced that the administration moved $466 million from HPD’s Fiscal Year 2021 capital budget into Fiscal Years 2022 through 2024 to support COVID relief efforts. I joined with my colleague Council Member Lander in denouncing cuts to affordable housing during a time in which housing instability is at an all time high. Many New Yorkers are currently unable to pay their rent due to unprecedented unemployment numbers and fear eviction.
Our analysis also showed that proposed cuts to New York City’s capital investment program would cause more economic harm than relief, saving almost no money in the near term, while costing New York City more than 20,000 units of affordable housing and as many as 15,000 jobs.
It was clear that we would have to take action to defend the millions of New Yorkers that depend on affordable housing and our advocacy paid off. I want to thank all the advocates that joined with us in pushing for the restoration of these funds. This announcement is a testament to the power of advocacy but we must remain vigilant and push the administration to uphold their promise. Affordable housing cannot wait.