Overview
- The Mamdani administration unveiled Thursday a city‑backed, privately run property and liability insurance option for owners of rent‑stabilized and subsidized buildings.
- Officials say the program will not serve as an insurer of last resort, and landlords must apply under eligibility rules that have yet to be set.
- The Economic Development Corporation, Housing Development Corporation, and Housing Preservation and Development will hire actuaries and seek private operators, with the design subject to City Council approval and budget talks.
- Targets call for coverage of 20,000 homes by 2027 and a scale‑up to 100,000 by 2030.
- City leaders project 20% to 30% premium cuts for participating landlords and $500 million to $700 million in city capital savings over five years, citing insurance costs that have roughly tripled since 2018.