Mamdani unveils plan to turn renters into co-owners with city loans

NYC Mayor Zohran Mamdani’s housing plan creates a formal financing pathway for renters to take ownership, with the Our Home program and a term sheet, plus $75 million in loans to convert about 300 rentals into co-ops over two years. The plan also aims to add 200,000 new affordable units over the next decade, facilitate 1,500 owner-occupied homes, strengthen housing maintenance enforcement, and push legislation like Third Party Transfer and the Community Opportunity to Purchase Act to accelerate tenant-led purchases, along with expanded down-payment assistance and up to $100,000 for essential repairs.