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New York's Housing Landscape: Hochul's Proposals Offer Gradual Shifts

Gov. Kathy Hochul proposes housing policies, but critics say they don't address crisis adequately.

G
ov. Kathy Hochul has identified building more housing as the key to resolving the state's affordability crisis, but her 2023 agenda falls short of bold action. In her State of the State address, Hochul outlined a series of policies aimed at increasing affordable housing, including providing additional funding for supportive housing and making $100 million available for communities to update infrastructure to accommodate growth.

    The governor also reiterated her commitment to helping New York City build 80,000 units over the next 15 years through zoning changes. However, critics argue that this approach is piecemeal and lacks the comprehensive vision of her previous proposal, the New York Housing Compact, which would have required localities to meet certain housing growth targets.

    Hochul's current proposals are optional, and she may face challenges in securing funding for them, particularly with federal spending cuts looming. The governor did propose exempting small projects from environmental review processes to speed up construction timelines, but this exemption only applies to projects under 10,000 square feet.

    A revolving loan fund for mixed-income housing development was also proposed, but details on the initial investment and affordability requirements are unclear. Sen. Rachel May has introduced a bill that would create a similar fund with more stringent affordability requirements.

    Open New York and the New York Apartment Association expressed disappointment with Hochul's proposals, citing the need to address restrictive zoning rules and reduce housing costs. In contrast, New Jersey Gov. Phil Murphy used his State of the State address to call for changes to local zoning laws to allow for more housing development.

    As budget negotiations unfold, it remains to be seen whether Hochul's proposals will gain traction or if additional measures will be introduced to tackle the state's affordability crisis.

New York Governor Hochul proposes gradual housing shifts in state's urban landscape.