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
Dianne Morales
WATCH: Dianne Morales on what progressives want from real estate
WATCH: Dianne Morales on what progressives want from real estate
Eric Adams, Kathryn Garcia and Maya Wiley (Getty/iStock, Photo Illustration by Kevin Rebong for The Real Deal)
Real estate looks like a winner in mayor’s race
Real estate looks like a winner in mayor’s race
Kathryn Garcia backers include Extell's Gary Barnett, BFC Partners' Donald Capoccia, and L+M's Ron Moelis and David Dishy (Getty, BFC, L+M)
Gary Barnett throws $50K behind PAC supporting Kathryn Garcia
Gary Barnett throws $50K behind PAC supporting Kathryn Garcia
Hudson Yards (iStock)
EB-5 program set to expire at the end of June
EB-5 program set to expire at the end of June
RSA President Joe Strasburg (Jefferson Siegel) and Governor Cuomo (Getty)
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
Mayor Bill de Blasio and REBNY president James Whelan (Getty, Whelan via Anuja Shakya)
Business alliance urges de Blasio not to blow $22B federal aid windfall
Business alliance urges de Blasio not to blow $22B federal aid windfall
Council member Rafael Salamanca Jr and Public Advocate Jumaane Williams (Getty, Facebook via Salamanca Jr.)
City Council to require racial equity reports for rezonings
City Council to require racial equity reports for rezonings
(Illustration by Kevin Rebong for The Real Deal)
Years ago he took a bribe. Now he can’t get a license
Years ago he took a bribe. Now he can’t get a license
arrow_forward_ios

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

Loading...