New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Mayor Adams Releases $112B Budget for Fiscal Year ’25
New York City Mayor Eric Adams has proposed a $111.6 billion budget for fiscal year 2025, focusing on public safety, economic growth, and aiding low-income residents. The budget includes funding for more NYPD classes, aiming to add 2,400 officers by 2024-end, and erasing billions in medical debt for eligible New Yorkers.
Regarding the migrant crisis, Adams highlighted the city’s care for nearly 200,000 asylum seekers since spring 2022, with costs expected to reach almost $10 billion. Despite New York State’s $3.1 billion commitment, Adams called for increased federal aid. He plans to cut asylum seeker spending by 30% over fiscal years 2024 and 2025.
On housing, the budget allocates $615 million to tackle family homelessness and supports a housing voucher program, CityFHEPS, to prevent evictions. Adams also mentioned financing nearly 28,000 new affordable units and state funding for the goal of building 500,000 affordable homes by 2033, though specific funding details were not provided.
- ◦Financing
