Mayor Bill de Blasio announced that $466 million would be restored to the Department of Housing Preservation and Development’s fiscal 2021 capital budget to “address urgent affordable housing needs,” according to The Real Deal.
- Backdrop: In April, the mayor proposed cutting $583 million from fiscal 2020 and $457 million in 2021, as part of a broader attempt to address the city’s ballooning deficit. The move left housing groups aghast, as they noted that capital funding leverages enormous private investment and that the cuts would do little to address the city’s $9 billion deficit — yet would slash affordable housing creation.
- Why it matters: This week, a report released by the New York Housing Conference found that the cuts would only save the city $30 million this fiscal year and $16.8 million the next — a pittance in an $88 billion budget. [TRD]