NYC budget reports and City Council announcements

NYC Reaches $112.4B Budget Deal, Reverses Library Cuts, Boosts $2B Affordable Housing Investment

Jun 28, 2024, 06:00 PM

New York City Mayor Eric Adams and the City Council have reached an agreement on a $112.4 billion budget for the 2025 fiscal year. The budget includes a significant $2 billion investment in affordable housing and reverses previously proposed cuts to libraries, cultural institutions, and composting services. The agreement follows a contentious negotiation process, with the City Council arguing that the mayor's revenue projections were overly conservative. The budget aims to address the city's housing shortage, which has been costing nearly $2 billion in annual tax revenue and driving residents out of the city. Additionally, the budget deal includes provisions to restructure the pre-K system and provide $43 million annually for libraries in future years. Mayor Adams emphasized the budget's focus on fiscal responsibility and investment in the future of New York City. The housing shortage has also led to soaring rents, sale prices, and economic activity losses due to outmigration.