Announcement Part of Mayor’s “Housing Week” Highlighting City’s Efforts to Create More Homes, Connect More New Yorkers to Homes, and Keep New Yorkers in Homes They Already Have
Our Bureau
New York, NY
New York City Mayor Eric Adams has announced that the city broke multiple records for producing and connecting New Yorkers to affordable homes in Fiscal Year (FY) 2025, delivering the affordable housing that New Yorkers need and reinforcing the Adams administration’s position as the most pro-housing administration in city history. Additionally, Mayor Adams announced that his administration has created, preserved, or planned approximately 426,800 homes through its efforts to date.
In FY 2025 specifically, through new construction and preservation programs, the Adams administration produced a total of 33,715 affordable homes — including 28,281 affordable homes through the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC), as well as 5,434 apartments that will be renovated through the New York City Housing Authority’s (NYCHA) Permanent Affordability Commitment Together (PACT) program.
For the first time, Mayor Adams also announced the total number of affordable and market-rate homes created, preserved, or planned through the Adams administration’s housing initiatives to date. Between historic efforts by the Adams administration to finance the creation and preservation of housing; speed up the production of new homes through new initiatives like the Office Conversion Accelerator and the Green Fast Track; rehabilitate public housing through the PACT program and the New York City Public Housing Preservation Trust; pass landmark rezoning initiatives such as “City of Yes for Housing Opportunity” and the administration’s five neighborhood plans; successful advocacy in Albany to pass a historic housing deal last year; initiatives to build new homes on city-owned sites such as Executive Order 43 and the “24 in 24” plan; and much more, the Adams administration has created, preserved, or planned for approximately 426,800 homes for New Yorkers — including at least 250,000 affordable homes — over the next 15 years.
“Others may have talked about affordable housing, but we actually built it. Others may have talked about citywide rezoning, but we actually passed it. Others may have talked about taking on our city’s housing crisis, but we actually did it, and we’re continuing to do it every single day,” said Mayor Adams. “The numbers don’t lie: We have already laid the groundwork for over 426,000 homes across the five boroughs in the coming years, connecting over 31,000 New Yorkers to affordable homes. There’s no denying, we are the most pro-housing administration in city history, and we are continuing that work every day as we make New York a more affordable city for working-class families.”
“The numbers speak for themselves,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion, Jr. “This administration has proven that we are the most pro-housing administration in this city’s history. We have broken record after record in planning, preserving, and building over 426,000 units of housing. Every one of these numbers represents a person, a family, and a New Yorker that will be put on the path to stability and success.”
From day one, the Adams administration has focused on creating the affordable homes New Yorkers need, breaking affordable housing records in FY 2023 and again in FY 2024. The administration continued those efforts in FY 2025, with HPD and HDC financing the creation or preservation of 28,281 affordable homes — including a record 26,087 affordable rental apartments. HPD has now produced a total of 85,962 affordable homes since the start of the Adams administration, with the last three fiscal years representing the most new affordable homes ever created in a three fiscal-year stretch (FY 2023 – FY 2025).
Following Mayor Adams’ successful advocacy in Albany to pass a historic housing deal last year, the Adams administration also produced a record 6,593 421-A standalone units and advanced the first 467-M and 485-X projects in FY 2025.
The Adams administration remains focused on making sure that every New Yorker can find an affordable place to live, with more than 95 percent of subsidized new construction designated for low-income New Yorkers. This is the second highest percentage on record, eclipsed only by last fiscal year.
HPD’s historic successes come despite steep challenges facing the city — including high interest rates, federal tariffs, economic uncertainty, and increasing costs for maintenance and operations — reinforcing, once again, the Adams administration’s record as the most pro-housing in our city’s history.
Furthermore, the Adams administration is committed to supporting the most vulnerable New Yorkers, especially those struggling with homelessness or in need of additional services. In FY 2025, HPD produced a historic 4,178 homeless units, breaking the record for the third fiscal year in a row and bringing the total number of homeless units produced under the Adams administration to 12,920. Within those homeless units, HPD produced 1,962 supportive units in FY 2025, for a total of 6,714 affordable, supportive units financed under the Adams administration. These historic numbers follow Mayor Adams’ announcement, earlier this year, that the city will reimagine the 15/15 Supportive Housing Initiative and invest $339 million over several years to create and preserve more congregate site supportive housing.
