Construction spending pushes de Blasio’s budget up by $6B

The capital budget is now at a record $95.8B

New York /
Apr.April 27, 2017 04:15 PM

Mayor Bill de Blasio’s capital budget for the city jumped 7 percent since January, thanks to an extra $6 billion in infrastructure spending.

The capital budget was at $89.6 billion in January, and is now at a record $95.8 billion, a record high, the New York Post reported. The mayor released an updated 10-year construction plan Wednesday, and said the extra $6 billion is needed to fund the city’s infrastructure needs.

Among the new items is a $1.9 billion subsidy to lower the cost of 10,000 units in the affordable housing plan.  There’s also $300 million for homeless shelter renovation and $355 million for repairs at public housing.

De Blasio also announced an $84.9 billion executive budget for fiscal year 2018.

“I think the simple answer is growing infrastructure needs that are going unmet that can’t be ignored,” de Blasio said of the jump, according to the newspaper.
When announced his 10-year capital budget in January, de Blasio set aside $384 million out for upgrading and renovating city-owned office buildings.  [NYP]Miriam Hall 


Related Articles

arrow_forward_ios
Clockwise from top: Mayor Eric Adams, Bruce Teitelbaum, Adrienne Adams and Suri Kasirer (Getty/Adams via Paul Dilakian)
A make-or-break moment for NYC’s housing crisis
A make-or-break moment for NYC’s housing crisis
Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Southampton Village allows owners to collect summer’s rent upfront
Southampton Village allows owners to collect summer’s rent upfront
Gary LaBarbera, James Whelan, Eric Adams, Tiffany Cabán and Kathy Hochul (Getty, iStock / illustration by Ilya Hourie for The Real Deal)
Council backs off sabotage of 421a
Council backs off sabotage of 421a
President Joe Biden (Getty, iStock)
Biden unveils his answer to high home prices
Biden unveils his answer to high home prices
Town of East Hampton supervisor Peter Van Scoyoc and Blade's Rob Wiesenthal with East Hampton Airport (East Hampton, Wikipedia)
East Hampton Airport closure at hand, except…
East Hampton Airport closure at hand, except…
Tom Suozzi
What can Tom Suozzi do for real estate?
What can Tom Suozzi do for real estate?
(iStock, Illustration by Shea Monahan for the Real Deal)
As lawmakers race to electrify buildings, industry pushes back
As lawmakers race to electrify buildings, industry pushes back
Gov. Kathy Hochul (Getty, iStock)
With 421a dying, apartment project financing “has come to a stop”
With 421a dying, apartment project financing “has come to a stop”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...