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NYC Faces $1 Billion Tab From Migrant Influx as Economy Strains Budget, Comptroller Says

A potential recession, declining Wall Street profits and remote work policies threaten the city’s finances, Comptroller Brad Lander says

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NYC Comptroller Lander on Volatile Markets, NYC Finances
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New York City will spend between $500 million and $1 billion to temporarily house the influx of more than 15,000 asylum seekers from Central and South America who have arrived in the city in recent months, according to the city Comptroller.

Those costs represent only a short-term estimate for this year — an expense the city hadn’t previously budgeted for, Comptroller Brad Lander said in an interview with Bloomberg News on Friday. A controversial new tent in the Bronx that is meant to open next week and serve as temporary housing for migrants will cost $150 million alone, he said.

A spokesperson for Mayor Eric Adams said that the city has “safely and efficiently provided shelter, health care, education, and a host of other services” to the asylum seekers. As the number of migrants arriving has increased in recent weeks the city does not yet have a figure on how much is being spent, though the administration has spoken to the federal government about reimbursement, the city said.