Mayor Bill de Blasio’s capital budget for the city jumped 7 percent since January, thanks to an extra $6 billion in infrastructure spending.
The capital budget was at $89.6 billion in January, and is now at a record $95.8 billion, a record high, the New York Post reported. The mayor released an updated 10-year construction plan Wednesday, and said the extra $6 billion is needed to fund the city’s infrastructure needs.
Among the new items is a $1.9 billion subsidy to lower the cost of 10,000 units in the affordable housing plan. There’s also $300 million for homeless shelter renovation and $355 million for repairs at public housing.
De Blasio also announced an $84.9 billion executive budget for fiscal year 2018.
“I think the simple answer is growing infrastructure needs that are going unmet that can’t be ignored,” de Blasio said of the jump, according to the newspaper.
When announced his 10-year capital budget in January, de Blasio set aside $384 million out for upgrading and renovating city-owned office buildings. [NYP] — Miriam Hall