Mayor Zohran Mamdani’s administration rolled out on Thursday what it called a first-of-its-kind, city-backed insurance program aimed at lowering property and liability premiums for affordable housing and rent-stabilized buildings — an effort City Hall says could reduce costs for 20,000 homes by 2027 and 100,000 homes by 2030.
The mayor’s office said insurance costs for this housing stock have more than tripled since 2017, and argued that rising premiums have become a major driver of both building operating costs and the city’s own affordable-housing spending.
