Earlier this week, Mayor Eric Adams announced a new initiative that aims to get more minority-owned developers involved in affordable housing efforts.

The investment of $50 million would serve as a financial guarantee for businesses, and it could then be leveraged to get more than $500 million in private construction lending.

Developers would be expected to use the funds for affordable housing projects, as the city sees record-low vacancy rates.

Meanwhile, union leaders struck a deal with the real estate industry to work toward reviving a property tax incentive.

Adolfo Carrión, commissioner of the Department of Housing Preservation and Development, joined NY1 political anchor Errol Louis on “Inside City Hall” Wednesday to discuss more.

He was in Albany this week meeting with state leaders on housing.