NYC Budget: Mayor, Speaker Agree to Restore Cuts & Boost Housing

"Negotiations went down to the wire, but Mayor Eric Adams and the New York City Council agreed on a new $112.4 billion budget that will go into effect Monday," reported CBS News. "Highlights include $53 million to keep libraries open seven days a week and $2 billion in the capital budget to build affordable housing. The mayor and Council Speaker Adrienne Adams shook hands Friday while holding a model airplane, symbolizing they 'landed the budget plane' and reached a deal at the 11th hour for the new fiscal year. 

The budget includes:

• $100 million to open more Pre-K and 3-K seats
• $58 million for museums and cultural institutions
• $53 million to keep libraries open seven days a week
• $2 billion in capital funds for affordable housing to support the "moonshot" goal of building 500,000 new homes over the next decade.
• $20 million to increase the number of people eligible for the city's half-fare subway program, "Fair Fares"
• $63 million to protect public safety and quality of life, including closing down illegal cannabis shops and security protections for NYCHA seniors."