S&P Global Ratings assesses City of New York’s General Obligation Bonds, 2025 Series D Taxable Social Bonds, Subseries D-1 as aligned with Social Bond Principles, ICMA, 2023. The City, with a population of 8.3 million (July 2023 estimate), has the highest metropolitan area GDP of all U.S. metro areas and is a global hub for finance, leisure, and business tourism, universities, health care providers, and–increasingly–technology companies. The City established the HPD in 1978 to handle the development and maintenance of its affordable housing.