
NYC Lags on Affordable Housing Production in Fiscal 2022
Affordable housing development in New York City has declined by nearly half over the past fiscal year, according to Mayor Eric Adams’ first annual management report. In Fiscal 2022, the city financed the creation and preservation of 16,042 affordable units, a 45% decrease from Fiscal 2021. That number includes just 9,402 new units, with the remainder having their affordably preserved.
“Lower production levels in Fiscal 2022 were largely due to increasing construction costs and agency staffing challenges” at the city’s Department of Housing Preservation and Development (HPD), the report states.
13,779 affordable housing units completed construction in fiscal 2022. Although that represents tan 8% increase in completions over Fiscal 2021, the report notes that HPD is “still seeing the impacts of restrictions and precautions enacted in response to the COVID-19 pandemic that delayed construction, tenant relocation, and inspections, affecting the completions for the fiscal year.”
- ◦Development
- ◦Policy/Gov't