NYC adopts $101 billion budget, announces enhanced bus lanes


New York Construction Report staff writer

New York City’s $101 billion budget approved this week includes funding for schools, expansion of housing access programs, a property tax rebate for working and middle class homeowners, funding for parks and investments in community safety programs in 2023.

“This budget is a down payment on New York City’s comeback – not the way it was, but the way it should be,” said Council Member Justin Brannan, chair of the finance committee. “We knew we couldn’t cut our way to prosperity, so we doubled down on what matters. We are a city of communities and, now more than ever, hardworking New Yorkers from Soundview to SoHo, from Dyckman Street to Dyker Heights wanna know their elected officials are working overtime to make their lives better.”

The FY 2023 adopted budget includes initiatives to address homelessness and increase access to affordable housing:

  • $237 million to expand City FHEPS to fully fund and increase the rental voucher rate to match Section 8 levels
  • $171.3 million to expand funding for Drop-in Centers, Safe Haven Beds, and Stabilization Beds
  • $90 million to protect working and middle-class homeowners with a property tax rebate
    • City Rebate in combination with State Rebate will provide at least $440 per homeowner
    • For the first time ever, the City’s rebate will go to people who are behind in bills
    • The Council also adopted tax rates that minimizes impacts on homeowners

In a separate press conference, the mayor said the MTA and New York City Department of Transportation (NYCDOT) will complete 150 miles of new and enhanced bus lanes and busways over the next four years, beginning with 20 miles in 2022 on the following corridors:

  • Fordham Road and 207th Street, between 10th Avenue and White Plains Road in Manhattan and the Bronx (3.0 miles);
  • Gun Hill Road, between Bainbridge Avenue and Bartow Avenue in the Bronx (3.8 miles);
  • University Avenue, between Kingsbridge Road and Washington Bridge in the Bronx (3.4 miles);
  • Westchester Avenue at Pelham Bay Park Station in the Bronx (0.1 miles);
  • First Avenue between 61st Street and 79th Street in Manhattan (0.9 miles);
  • Avenues A and D, various segments in Manhattan (1.0 mile);
  • 21st Street, between the RFK Bridge and the Queensboro Bridge in Queens (3.4 miles); and
  • Northern Boulevard, between Broadway and 114th Street in Queens (5.4 miles)

Officials the city budget “signals New York’s re-emergence from the dark days of the COVID-19 pandemic” by fortifying healthcare systems, revitalizing small businesses, supporting local CBOs and non-profits, and centering the priorities of all New Yorkers.

“This budget focuses on equity in investments and services that are vital to ensuring all New Yorkers can benefit from the systems put in place to serve them,” said Council Member Kevin C. Riley. “Prioritizing $10 million in funding for affordable childcare services, investing $79 million into our youth for critical employment and developmental opportunities, as well as securing $90 million in property tax rebates for working and middle-class homeowners are just some of the monumental achievements in this budget.”


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