NYC Announces $112.4 Billion FY25 Budget, $2 Billion on Public Housing

The New York City Council approved a $112.4 billion Fiscal Year 2025 budget Sunday. The mayor pledged $2 billion of the budget to funding affordable and public housing, a part of his 10-year plan to invest $26 billion in public housing and build 500,000 new homes by 2032. After public protests, the mayor rolled back his proposed cuts to early childhood education and public libraries. But the budget plan is not without controversy. Critics say it still does not provide enough financial relief for working-class parents with young children, while others protest the spending of more tax dollars on illegal immigrant housing. Three Democratic Socialist council members also opposed the $11 billion reserved for the NYPD, though the mayor remained firm in his support for the city’s police force.