NYC's $107B budget deal spares libraries but cuts Rikers, includes $4B annually for affordable housing
New York City's new $107 billion budget deal includes $4 billion in funding for affordable housing in the next fiscal year, fulfilling a promise made by Mayor Eric Adams two years ago. The budget agreement, announced by Mayor Adams and Council Speaker Adrienne Adams, aims to address the affordable housing crisis and the influx of migrants in the city. Of the $4 billion, $2.5 billion will go to the Department of Housing Preservation and Development, and $1.5 billion will go to the New York City Housing Authority. The budget also restores $32.9 million in funding for NYCHA and reverses proposed cuts to libraries and cultural institutions. However, concerns remain about the city's long-term fiscal health and the impact of the migrant crisis on future deficits.