Mamdani Administration Unveils First-of-its-Kind Insurance Program to Reduce Operating Cost of Housing Across New York City

As New York City faces an unprecedented housing crisis, the Mamdani administration is using every tool at its disposal to drive down the cost of housing. The skyrocketing cost of insurance has hit affordable and rent-stabilized housing particularly hard, and every $100 increase in insurance costs requires $1,200 more in City capital in new transactions—meaning the new proposal will also drive down City spending per home in its affordable housing programs. To address these rising costs, broaden the reach of the City’s affordable housing subsidy, and help building operators make repairs, the City will hire independent actuarial experts to design and launch a new insurance program that will begin offering coverage in 2027.

“We cannot take on the housing crisis without confronting one of the fastest-growing costs facing New Yorkers: insurance. That’s why we’re creating the first city-backed insurance program—to help New Yorkers stay in their homes, give building owners the support they need to make repairs, and build a city that New Yorkers can actually afford,” said Mayor Mamdani.