NYC’s Rental Housing Voucher Programs Exceed City’s Capacity to Cover the Cost
While the right to shelter and the running of some of the nation’s largest locally-funded rental assistance programs makes New York City unique among its peers, over the last several years the cost of these programs has significantly ballooned according to May 8th blog post by the Citizen’s Budget Commission (CBC). When the city re-instituted the programs in 2015, the cost was $16 million, however it has increased to an anticipated $636 million in fiscal year (FY) 2023. Among the various rental assistant programs, including rental housing vouchers, one-time assistance, and placement in NYCHA housing, more than 80% of placements were supported by City Family, Homelessness and Eviction Prevention Supplement (CityFHEPS) rental assistance vouchers. A recent analysis by the CBC concluded that the city’s rental assistance spending faces a fiscal cliff as soon as 2024, with only $192 million provided in the FY 2024 Executive Budget for the programs.