Legislation requiring companies receiving city subsidies to pay the “living wage” would endanger the city’s affordable-housing plan for half a million New Yorkers, the Bloomberg administration warned last night.

“[The legislation] would be put in jeopardy because the ground-floor retail that many developers use to subsidize affordable housing would no longer produce the necessary financial benefits,” Deputy Mayor Robert Steel said in a letter addressed to “interested parties.”

Mayor Bloomberg has promised to build or preserve 165,000 housing units by 2014. About 125,000 have been completed.

Steel further warned that 33 major developments — from Willets Point to Hudson Yards — “could be jeopardized” if their finances are thrown off course by the living-wage requirement.