NYC to Cut Rent Burden for Poorest Residents in City-Financed Homes

Mayor Zohran Mamdani announced that extremely low-income New Yorkers in HPD-financed new apartments closing financing by June 2026 will pay 25% of their income in rent (down from 30%), with vouchers excluded; the plan is part of a broader goal to build 200,000 affordable homes over 10 years, including about 8,000 units per year for the next two years—roughly 2,400 at 0-30% AMI and 1,600 at 31-50% AMI—alongside new senior and mixed-generation housing, homeowner assistance, and community resilience hubs; the approach also envisions rezonings to expand housing supply and other measures to preserve and create affordable housing.