Overview
- The mayor unveiled the 'Block by Block' plan Tuesday, committing $22 billion over five years to produce 200,000 new affordable homes and preserve or stabilize 200,000 existing units for a total of 400,000 homes.
- The city will require that extremely low-income tenants in HPD‑financed new projects that close financing by June 2026 pay 25 percent of household income in rent, and the rule will not apply to voucher recipients.
- The Department of Buildings will launch a DOB‑led elevator pilot in 2026 and form an 'Affordable & Efficient Code Reform' task force in late 2026 to study code changes such as smaller elevators, alternate materials, and plumbing standards to reduce upfront construction costs.
- The plan offers support for strained landlords — easier financing, tax relief, a $5 million loan program and housing‑code help — while also backing tenant organizing, expanded inspections, NYCHA preservation, and $75 million in loans to help about 300 renters convert apartments to co‑ops.
- City officials say lowering construction budgets could translate into cheaper rents or prices, but proposals that touch emergency access, wheelchair and stretcher dimensions and other safety rules are still developing and likely to prompt technical and accessibility debates.