$25B affordable housing plan shows early returns under Hochul

A five-year, $25 billion investment into affordable housing initiated by Gov. Kathy Hochul is beginning to take shape through two developments in New York City’s outer boroughs.

Last week Hochul and Mayor Eric Adams celebrated construction milestones for two new affordable housing products, financed in part by $25 billion the governor secured in her April budget agreement. Hochul and Adams announced construction had begun on the first phase of Edgemere Commons, a $100 million, 11 building mixed-use affordable housing complex in Far Rockaway, Queens. Edgemere Commons will eventually produce more than 2,000 affordable housing units with new retail, parking, community centers and outdoor public space.

“By investing in

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