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Summary Of A Better New York City Housing Budget

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The title of the article is “A Better New York City Housing Budget” by the City Journal. The article discusses the issues that New York City is having when it comes to planning its housing budget. According to the article, there are several factors that the city must take into account when planning the budget. These factors include inflation, labor shortages, and other economic and budgetary constraints. In 2014, Michael Bloomberg spent about $428 million on the affordable housing plan. His successor, Bill De Blasio, spent much more. At its peak, the spending budget enacted by De Blasio hit around $1.7 billion. The last budget under the De Blasio administration was $1 billion in 2022. Eric Adams took over the office in 2022 and he was forced …show more content…

The article discusses New York City’s struggle to correctly budget and allocate money to solve the housing shortage it is facing. The importance of the article is that as a manager, it can be extremely difficult to appease all parties involved. The Adams administration has to figure out a way to develop new affordable housing with the current public policies. They need to generate housing without raising taxes too much, or else the citizens of New York will be extremely unhappy. This article also demonstrates the importance of properly planning budgets ahead of time. The article shows that the previous mayor, De Blasio, may have overspent on the old planning budgets, leaving little room for the new budgeting plans. My opinion on this article is that it is good that New York is looking for new ways to expand on the housing shortage without using excess capital. One of the ways that they are planning to do this is through “ambitious zoning changes” to help initiate housing growth without the help of government subsidies. It’s also good that the government is so focused on the housing shortage as it is a very big issue that many people are facing within New York and the U.S. as a whole. I agree that it is important to not rely too heavily on government subsidies and taxes because it is unsustainable to do

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