July 31, 2025

Adams Administration Produced Record Number of Affordable Rental Units in Fiscal Year 2025 

Set Back-to-Back-to-Back Records for Producing Permanently Affordable Homes for Formerly-Homeless New Yorkers, Placing Homeless New Yorkers Into Housing, Connecting New Yorkers to Housing Through City’s Housing Lottery for Third Fiscal Year in a Row 

Announcements Bring Total Number of Housing Units Created, Preserved, or Planned Through Adams Administration Efforts to Date to Approximately 426,800 Homes  
Announcement Part of Mayor Adams’ “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

NEW YORK – New York City Mayor Eric Adams today 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.

Over the course of FY 2025, the Adams administration:

• Produced the most affordable rental units in city history.
• Produced the most affordable housing for formerly homeless households, for the third fiscal year in a row.
• Placed the most homeless New Yorkers into permanent affordable housing, for the third fiscal year in a row.
• Connected the most New Yorkers to affordable homes through the city’s affordable housing lottery, for the fiscal third year in a row.

For the first time, Mayor Adams today 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 Trust; pass landmark rezoning initiatives such “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 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.”

QUOTES:

Producing the Affordable Housing New Yorkers Need

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.

The Adams administration has put public housing first, becoming the first mayoral administration to include NYCHA in its housing plan and advocating for the creation of the Public Housing Preservation Trust. In FY 2025, NYCHA conducted votes at five developments where residents chose between joining the Trust, the PACT program, or remaining in Section 9 housing. Residents at Hylan Houses and Coney Island I (Site 1B) selected the Trust while residents at Randall Avenue-Balcom Avenue chose the PACT; because of these votes, over 650 apartments will be transferred to Project-Based Section 8 funding and renovated to address the capital needs at the developments. Since the start of these votes in fall of 2023, four developments have voted in favor of joining the Trust, with a total of 1,776 units planned to receive comprehensive renovations as a result.

In FY 2025, NYCHA also converted 5,434 apartments to the Project-Based Section 8 program through the PACT, representing $2.2 billion in capital repairs. To date, NYCHA has now used the PACT program to convert over 27,000 apartments at 101 developments, representing over $7.9 billion in capital repairs across the city. Overall, 145 NYCHA developments — representing over 39,000 apartments — are in pre-development, are under construction, or have completed construction through the program; this represents over $13.5 billion in capital repairs for public housing. Finally, NYCHA has doubled the number of New York City Department of Homeless Services (DHS) placements from last fiscal year to this fiscal year and are on track to complete the most DHS placements in over three years.

Connecting a Record Numbers of New Yorkers to Affordable Homes

In addition to creating historic amounts of affordable housing, the Adams administration once again broke records for connecting New Yorkers to critically-needed affordable housing. In FY 2025, HPD connected a record 10,336 households to affordable homes through the city’s Housing Connect affordable housing lottery, breaking the record for the third fiscal year in a row and bringing the total number of households connected to affordable housing through Housing Connect under the Adams administration to 31,118 New Yorkers.

Additionally, for the third straight fiscal year, the Adams administration placed more formerly homeless households into permanent housing than ever before. A total of 4,651 homeless households were placed into affordable housing in FY 2025, with a total of 12,432 homeless households — representing approximately 26,000 New Yorkers — moving into permanent, affordable housing since the start of the Adams administration.

The New York City Department of Social Services also continued to build on its record-breaking progress, helping over 16,200 households move from shelter to subsidized permanent housing in just the first 11 months of FY 2025, a 30 percent increase over the same period in the last fiscal year and more than all of FY 2024. City Fighting Homelessness and Eviction Prevention Supplement (CityFHEPS) continues to serve as the primary support for those exiting shelter, with over 11,000 households — the majority of households — exiting with the support of a CityFHEPS voucher. An additional 2,400 households used a CityFHEPS voucher to remain in their homes without entering shelter, meaning over 13,500 households were able to obtain or retain safe, stable, affordable housing thanks to the CityFHEPS program; this represents a 17 percent increase over FY 2024. 

New Metrics, Greater Depth

Beyond HPD’s affordable housing production, the agency also assists with the creation of market rate housing through tax incentive programs, zoning rules, and certain HPD-funded projects.  Combining these units with HPD’s affordable new construction production, the Adams administration helped create nearly 27,000 new units in FY 2025. HPD provided additional assistance to 8,600 existing homes outside of its traditional preservation work. Similarly, at NYCHA, 3,696 homes are undergoing Comprehensive Modernization with city capital investments.

How the Adams Administration Got it Done

The housing numbers unveiled today are a direct result of smart, focused strategies pursued by the Adams administration to boost housing production. The administration has committed $24.7 billion towards affordable housing through the city’s 10-Year Capital Plan. Additionally, the Adams administration rolled out major updates to the way HPD markets and leases-up affordable housing in New York City — cutting down on paperwork, streamlining eligibility, and connecting more New Yorkers to homes and homeownership opportunities faster.

The Most Pro-Housing Administration in City History

The Adams administration is using every tool available to produce the homes New Yorkers need and make generational progress against the city’s housing crisis. Since the start of the Adams administration, the city has supported the creation of 95,100 homes, including nearly 46,000 affordable homes, 47,000 additional market-rate units in mixed-income developments, and 2,300 units of office-to-residential conversion or Green Fast Track housing. Moreover, the Adams administration supported the preservation or stabilization of 134,700 homes, which includes 41,000 affordable homes and the ongoing stabilization of nearly 16,100 additional homes through the NYCHA PACT program, and the NYCHA Comprehensive Modernization Program to rehabilitate NYCHA units.

In addition to tens of thousands of homes already created or preserved by city agencies, the Adams administration has launched ambitious initiatives that are expected to create tens of thousands of new homes as well. These include the Adams administration’s landmark City of Yes for Housing Opportunity rezoning plan passed by the New York City Council last year to create over 80,000 new homes; the administration’s five neighborhood plans to create nearly 50,000 new homes in the Bronx-Metro North area of the Bronx, along Atlantic Avenue in Brooklyn, throughout Midtown South in Manhattan, and in both Jamaica and Long Island City in Queens; initiatives to build new homes on city-owned sites such as Mayor Adams’ Executive Order 43; private rezoning applications to build new homes supported by city agencies such as the New York City Department of City Planning; the Adams administration’s “Green Fast Track” initiative to streamline the environmental review of modest housing projects and build homes faster; the NYCHA PACT; the NYCHA Trust; and the Adams administration’s “Office Conversion Accelerator” to turn underutilized offices into much-needed housing. Altogether, the Adams administration has planned for the creation of another 197,800 new homes over the next 15 years through these initiatives.

Number of Homes Created, Preserved, or Planned
Through Adams Administration’s Efforts to Date

Through its efforts to date, the Adams administration has supported the creation of 95,100 homes, supported the preservation or stabilization of 134,700 homes, and planned for another 197,000 homes. Altogether, these historic efforts have produced or will produce a total of approximately 426,800 homes for New Yorkers, including at least 250,000 affordable homes. 

Making New York City the Best Place to Raise a Family

In addition to producing and placing New Yorkers in housing, the Adams administration is focused on making New York City the best place to raise a family. Building on the success of his signature City of Yes for Housing Opportunity initiative, Mayor Adams launched “City of Yes for Families” earlier this year to create more family-friendly neighborhoods across the five boroughs. Under City of Yes for Families, the Adams administration is advancing ambitious initiatives to support homeownership by expanding the city’s downpayment assistance program and helping affordable housing tenants report their rental payments to credit bureaus and build up their credit scores. Through City of Yes for Families, the Adams administration is also creating more affordable homes for inter-generational families and building more housing alongside schools, playgrounds, grocery stores, accessible transit stations, and libraries.

In addition to building more family-friendly neighborhoods, the Adams administration is actively working to strengthen tenant and homeowner protections. The “Partners in Preservation” program was expanded citywide in 2024 through a $24 million multi-year investment in local organizations to support tenant organizing and combat harassment in rent-regulated housing while the Homeowner Help Desk, a trusted one-stop shop for low-income homeowners to receive financial and legal counseling from local organizations, was also expanded citywide in 2024 with a $13 million multi-year funding commitment.

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