The New York City Council voted to approve the record-breaking $125.8 billion budget for the 2027 fiscal year.

The budget includes investments in housing, education, affordability and public institutions, which the city says all aim to lower the cost of living and expand opportunities for New Yorkers.

"With this budget, the Council proved that we could responsibly manage the City's finances while making transformative investments that lower costs for working families, prevent homelessness, expand opportunity for children, and strengthen the services New Yorkers rely on every day," said Council Speaker Julie Menin.

The budget invests in the expansion of multiple programs, including the NYC Kids RISE college savings account program, Fair Fares and a new rental assistance program, while setting aside a $350 million rainy-day fund.

"It makes historic investments in affordable housing by expanding rental assistance and creating a new $175 million housing voucher program for New Yorkers in need," Mayor Zohran Mamdani said during the agreement announcement.