As the debate over the City of Yes enters the final stretch, questions about what a Trump presidency means for federal housing funding loom large.
During a press conference Wednesday, First Deputy Mayor Maria Torres-Springer said the administration is bracing for “funding and policy risks” under a Trump administration, based on the aftermath of the 2016 election.
She noted that 7 percent of the city’s $112 billion budget for fiscal year 2025 is from federal grants. Loss of federal funding could have negative implications for housing and infrastructure.
“We have the same infrastructure challenges that we had yesterday: crumbling bridges, pollution, excessive heat, and extreme water that overwhelms traditional sewer systems,” said Meera Joshi, deputy mayor of operations. “These troubles know no political affiliation. They know no state boundary. They’re bipartisan in the toll that they take on communities.”
Concerns about access to federal funding come as the City Council calls on the mayor’s administration to subsidize more housing and dedicate more money to infrastructure.
Council members have questioned whether sewer systems could handle the additional housing made possible by the City of Yes for Housing Opportunity (though City Planning has assured that the additional density is incremental).
Last week, the CIty Council released its own housing plan, dubbed City for All. The plan — while not an explicit ultimatum to secure approval of City of Yes — included changes that specifically address concerns about the text amendment, including “significant capital funding” for infrastructure to address flooding and sewer issues.
Officials at the Department of Housing Preservation and Development have also emphasized the need for the federal government to expand funding for affordable housing in New York via low-income housing tax credits. Various proposals to do so have been floated over the years, but have failed to move forward. It’s unclear if this could happen as part of broader tax reform next year.
What we’re thinking about: What real estate professionals will secure a cabinet position in the Trump administration? Know of any (aside, obviously, from Howard Lutnick) under consideration? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The City Planning Commission this week certified the Wynn Resorts and Related Companies’ rezoning application for the western portion of Hudson Yards. Wynn and Related are seeking changes to a 2009 rezoning as part of a plan that now includes a casino. Thank you to senior managing editor Erik Engquist for flagging!
Elsewhere in New York…
— City Hall is ending a pilot program that provided migrant families with prepaid debit cards, Gothamist reports. The city has provided cards totaling $3.2 million to 2,600 migrant families living in hotels to buy food and baby supplies since March.
— Mayor Eric Adams says he spoke with President-elect Trump on Wednesday about working together on infrastructure, public safety and other issues, Politico New York reports. Adams did not respond to questions about whether he and Trump discussed the criminal case against the mayor.
— Police are looking for a man who shot another man in the leg before fleeing to the 72nd Street subway, the New York Times reports. As police searched for the gunman, passengers were told to get on the floor of a C train and keep their heads down. The gunman and the victim were former coworkers.
Closing Time
Residential: The priciest residential sale Thursday was $26.6 million for a 5,704-square-foot sponsor unit at 500 West 18th Street, a condo in Chelsea. Deborah Kern and Steve Gold of the Corcoran Group had the listing.
Commercial: The largest commercial sale of the day was $20 million for a 14,500-square-foot townhouse at 53 East 77th Street on the Upper East Side. Loy Carlos, Kenneth J. Moore, and Colin Meagley of Nest Seekers had the listing.
New to the Market: The highest price for a residential property hitting the market was $7.8 million for a 3,585-square-foot condominium at 80 Riverside Boulevard in Lincoln Square. Janna Raskopf and J. Roger Erickson of Douglas Elliman have the listing. — Matthew Elo