Mamdani Unveils $22 Billion Housing Plan to Add and Preserve 400,000 NYC Units
Updated
Updated · Fox News · Jun 8
Mamdani Unveils $22 Billion Housing Plan to Add and Preserve 400,000 NYC Units
3 articles · Updated · Fox News · Jun 8
Summary
$22 billion over five years would fund Mayor Zohran Mamdani’s “Block by Block” plan to build 200,000 affordable rent-controlled homes and preserve 200,000 existing units over the next decade.
400,000 units are the centerpiece of his answer to a housing crisis that has pushed the average Manhattan one-bedroom rent above $5,000 a month.
1 million rent-stabilized apartments already fall under the city’s Rent Guidelines Board, which is due to vote June 25 on rent adjustments for those units.
2025’s Community Opportunity to Purchase Act also gives nonprofits and tenant groups first refusal on multifamily buildings, fitting Mamdani’s push to shift some distressed properties to community land trusts, nonprofits or tenants.
177,000 apartments house more than 500,000 residents in NYCHA, underscoring how the plan would expand a city role in housing as debate continues over rent control, supply and private investment.