Mamdani to Lower Rent in City-Financed Buildings

New York City plans to reduce rent burdens for extremely low-income households by setting rent at a quarter of household income in city-subsidized apartments. The change applies to HPD-financed new projects that close on financing as of June 2026 and does not apply to households using vouchers. The policy is part of a broader housing crisis response that includes preserving existing affordable apartments, creating new ones, code enforcement, and land-use changes. The administration aims to build 200,000 affordable homes over a decade, including 8,000 new affordable apartments each year for the next two years. The plan includes apartments for households at or below 30% of Area Median Income and for households earning between 31% and 50% of AMI.

"New York City Mayor Zohran Mamdani plans to lower the rent for some of the poorest New Yorkers. The mayor will announce on Tuesday that New Yorkers who are considered "extremely low-income" - no more than $50,880 for a family of four - will pay a quarter of their income on rent, down from 30 percent, on city-subsidized apartments."

"The rents set at a quarter of household income will apply to HPD-financed new projects that close on their financing as of June 2026. The rental level will not apply to households that use vouchers. The change in rent requirements in affordable apartments for the lowest-income New Yorkers comes as part of the administration's plan to address the housing crisis, one that touches on everything from preserving existing affordable apartments, creating new ones, code enforcement, and land-use changes to spur new housing."

"The Mamdani administration has set a goal of building 200,000 affordable homes over a decade. It plans to build 8,000 new affordable apartments each year for the next two years, a 35 percent increase from the previous two years, according to the plan. That includes about 2,400 new apartments per year for people whose incomes fall into the 30 percent Area Median Income or less, and 1,600 apartments for households that earn between 31 percent and 50 percent of the AMI."

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