New York City finances 12,000 affordable homes in early 2026

New York City has financed the creation and preservation of 12,491 affordable homes during the first half of 2026. According to Mayor Zohran Mamdani and Deputy Mayor Leila Bozorg, this figure includes over 2,000 homes for formerly homeless individuals. More than half of these units are designated for low-income residents earning less than 50% of the area median income.

The city is currently advancing a five-year, $22 billion capital commitment to affordable housing and is pursuing reforms, such as the SPEED reforms, to reduce development timelines. Additionally, the New York City Housing Authority completed 32 capital projects at 29 developments during the first six months of the year, benefiting approximately 50,000 residents through infrastructure improvements.

In comparison, housing advocates are evaluating different municipal approaches to the housing crisis. Leaders from YIMBY Action and Abundance New York recently compared the housing policies of New York City and San Francisco. While New York City received high marks from advocates, San Francisco Mayor Daniel Lurie received lower grades due to ongoing legal disputes and perceived resistance to maximalist upzoning and transit-oriented development.