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Chair Chris Banks opens hearing on NYCHA's budget and five-year plans
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Council Member Chris Banks, chair of the public housing committee, opens the hearing on NYCHA's fiscal year 2026 preliminary budget and five-year operating and capital plans. He highlights NYCHA's importance, discusses challenges including federal disinvestment and organizational mismanagement, and outlines the committee's interest in NYCHA's response to funding uncertainties.
- Banks emphasizes NYCHA's role in providing affordable housing to over half a million New Yorkers
- He notes the impact of long-standing disinvestment and mismanagement on public housing
- The committee seeks information on NYCHA's contingency plans for potential changes in federal funding
Chris Banks
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Good morning, and thank you for attending today's hearing on the city's fiscal year twenty twenty six preliminary budget and the New York City housing authority's five year operating and capital plans for 2025 to 2029.
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I am council member Chris Banks and the chair of the public housing committee, and I'm joined by, my fellow colleagues, councilman Brennan.
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NYCHA has operated the largest public housing program in the nation for over seventy five years, providing affordable housing to over half of a million working class and low income New Yorkers throughout both section nine public housing and section eight voucher programs.
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There is no doubt that NYCHA is a precious and critical resource in an increasingly unaffordable city.
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However, long standing disinvestment from success ive federal, state, and city administrations alongside a deep organization dismanagement, a mismanagement, and at times outright fraud have resulted in an ongoing deterioration of public housing.
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On top of this legacy of federal disinvestment, NYCHA together with New York City faces profound uncertainty from Washington when it comes to federal funding.
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And despite the turn away from federal support for public housing over the past seventy years, federal funding today is a critical is a critical resource for the authority.
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In New York, we are proud of our public housing and its resilient and dedicated tenants.
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Today, the committee is interested in hearing about how NYCHA will respond to the uncertainty from Washington regarding federal funding and what contingencies it has put in place both today and for the for future plans.
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We've also, interested in hearing about how NYCHA is working with city, state, and partners to address any funding needs through the city's budget process.
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After NYCHA, we will hear from members of the public, and I would like to remind everyone that who would like to testify today to please fill out the witness slips with the sergeant of arms so we can put put you on the speaker's list.
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I will now pass it to our committee counsel to swear and ignite your leadership before turning it over to testimony.