General Manager Michael P. Kelly says the "dire option," which could begin this summer, would be a last resort.
The Housing Authority is seeking federal and state aid.
But the state faces a big deficit.
Assistant Secretary Sandra Henriquez of the Department of Housing and Urban Development tells The New York Times the federal government cannot be expected to cover the shortfall.
Instead of revoking the vouchers, the city could reduce their value. But then landlords, tenants or both would have to absorb the cost.
On the Net:
NYC Housing Authority: www.nyc.gov/nycha
For more information on getting vouchers, call 212-669-7250.