Categories: Funding, New York City
05.13.2026
On May 12, 2026, Mayor Mamdani released FY27 Executive Budget, totaling $124.7 billion, up from $115 billion in FY26. After reducing a $12 billion deficit, the Executive Budget is balanced without the proposed property tax increases highlighted in the Preliminary Budget proposal.
The budget was balanced in part through $4 billion in State support, including $352 million in direct aid, $3.2 billion in state authorizations, and $500 million in new revenue through a pied-à-terre tax on second homes valued above $5 million.
While the FY27 Executive Budget is balanced, out-year gaps remain significant: $7.1 billion in FY28, $9.1 billion in FY29, and $9.8 billion in FY30.
In advance of the July 1st deadline for the Adopted Budget, City Council will host additional hearings between May 26th and June 10th.
All public testimony for the Executive Budget will take place on June 10th beginning at 9:30am.
Below is a summary of relevant budget items:
NYC 15/15
The Executive Budget press release and summary presentation do not include specific line items for supportive housing operating or service funding, including NYC 15/15 or the DOHMH supportive housing contracts.
The Preliminary Budget had identified $82 million on the DOHMH expense line tied to supportive housing, though it was unclear whether this was for existing units, pipeline units, or NYC 15/15 reallocation. The Network will continue to monitor these funds to determine their allocation.
The Preliminary Capital Budget had shown approximately $211 million for the Supportive Housing Loan Program in FY27. The Network is reviewing whether the new $4 billion HPD capital addition includes changes to this line.
Capital Plan
The Five-Year Capital Plan totals $117.1 billion, with housing representing the largest category at 18.8% ($22 billion). Key investments include:
• $4 billion in new HPD capital funding across the five-year plan, plus an additional $500 million in FY31, for the development of deeply affordable housing. The Administration describes this as one of the largest capital additions in the entire budget.
• $256 million over FY26–FY28 to restore vacant NYCHA apartments, described as the largest capital commitment to vacant unit turnover in the City's history.
CityFHEPS
The Executive Budget projects $519 million in FY27 savings from CityFHEPS and shelter cost containment. The Administration states these savings will come from administrative reforms including checks against state rent data, broker fee reductions, and efforts to help voucher holders increase incomes and reduce reliance on emergency hotels. The Mayor has stated that the changes will not reduce the number of vouchers issued or create wait lists. The Administration has not budgeted for the CityFHEPS expansion currently in litigation with the City Council.
HPD Rental Assistance Programs
The Budget Function Analysis shows a significant reduction in HPD's Rental Assistance program, which funds Section 8, Emergency Housing Vouchers, CoC rental assistance, HOPWA, and other federally funded housing programs.
Total funding drops from $973 million in FY26 to $708 million in FY27. Federal funding falls from $920 million to $641 million, while City funds increase slightly from $51 million to $66 million.
Mental Health Access and Office of Community Safety
The Executive Budget includes $47.3 million annually beginning in FY27 for access to mental health care. The Office of Community Safety will receive $40.9 million in FY27 and $40.2 million annually beginning in FY28; the Administration indicated this includes baselining over $50 million in previously one-time funding and adding new resources.
The full Executive Budget documents are available HERE.