(New York, NY) — New York City Council and Mayor Bill de Blasio announced their agreement on a budget for the fiscal year 2019, which would include provisions to different sectors of New York’s housing crisis.
“We have prioritized permanent housing in a plan that will bring 2,000 units of supportive housing over the next 11 years, and an extra $150 million in Capital funds will go towards making schools handicapped accessible. This budget is the result of the Council working together and prioritizing big ticket items that we know will help New Yorkers in all five boroughs,” said City Council Speaker Corey Johnson.
The agreed-upon budget will increase the amount of supportive housing units created annually from 500 to 700, devote $3 Million to create 60 new runaway and homeless youth shelter beds for 21-24 years olds in need and $500 Million toward senior affordable housing, targeted at four Housing Preservation and Development sites and 2 New York City Housing Authority sites.
“New Yorkers spoke, and we listened. Working closely together, the Council and the administration have devised a progressive budget that truly delivers for our city. There is much to celebrate in this budget,” Committee on Finance Chair Daniel Dromm.
On June 4, the Mayor and the Council jointly announced the creation of a Property Tax Reform Commission, to develop recommendations to reform New York City’s property tax system to make it “simpler, clearer, and fairer,” according to a June 4 statement, in an effort to ensure that there is no reduction in revenue used to fund essential City services.
This came amid calls from city officials, especially Corey Johnson, for the initial fiscal budget proposal to set aside money to refund middle and lower-class property tax-paying homeowners.
The commission will solicit input from the public by holding at least ten public hearings. The last in-depth review of the system by a government-appointed commission was in 1993.
“I’m incredibly proud of this budget and the strong spirit of collaboration of the Council that enabled us to protect, create, and even enhance a number of programs that will benefit the people to New York in the coming year,” said Subcommittee on Capital Budget Chair Vanessa Gibson. “It has been an honor to chair the City Council’s first ever Subcommittee on Capital Budget and I am proud that New York is leading the way in oversight of municipal spending on capital projects.”