Authorizes labor unions to work with the city of New York to finance the construction of affordable housing for its members

This bill allows New York City to partner with labor unions representing city employees to finance affordable housing exclusively for those workers. It requires housing units to be occupied by city employees earning under 125% of the area median income and residing in the unit more than half the year. Leases must be renewed only if occupants continue meeting these income and residency criteria. The bill takes immediate effect upon enactment.