September 13, 2019
As part of what the New York Building Congress called “an unprecedented budget,” the City Council increased the capital spending allocation over the next four years to $58.2 billion, a nearly 11% increase from last year.
“Reflecting the city’s anticipated growth and deteriorating infrastructure, investment in the built environment is set to steadily grow from $12.7 billion in FY 2020 to $16.2 billion by FY 2023, a nearly 30% increase,” according to the Building Congress’ analysis.
Among the largest allocations is $1.5 billion for the New York City Housing Authority’s stock of 173,762 apartments. Another $1.3 billion will go to resiliency measures.
“New York City’s long-term success and continued economic growth depends on the wellbeing of its built environment,” said Building Congress president Carlo A. Scissura. “We are thrilled by the de Blasio Administration and City Council’s robust capital budget and sustained investment in essential infrastructure – schools, housing, transportation and environmental protection.”
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