Governor Kathy Hochul and New York state leaders have reached a consensus on a legislative package aimed at addressing the severe housing crisis in New York. The framework was finalized after intensive negotiations among Hochul, legislative leaders, and key stakeholders, including tenants, labor unions, and developers. The plan was presented to the Senate and Assembly, though some lawmakers expressed reservations, suggesting potential amendments.
The agreement proposes a balanced set of incentives designed to stimulate housing development and enhance tenant protections. Key provisions include substantial tax breaks for developers, aimed at making construction more economically feasible, and robust protections for tenants, such as making it more challenging to evict renters and limiting rent increases. Additionally, the agreement would allow for increased rents in rent-stabilized apartments to cover renovation costs and would lift size restrictions on new buildings, facilitating the creation of more housing units.
Despite these incentives, the package has faced criticism from various quarters. Some progressive lawmakers and tenant advocates argue that the tenant protections are insufficient, particularly highlighting the "good cause eviction" measure, which they feel does not go far enough in protecting renters. Conversely, real estate interests, represented by the Real Estate Board of New York, have praised some aspects of the package but voiced concerns that the measures might not sufficiently address the broader housing needs of the city and state.
The deal represents a pivotal effort to mitigate the housing shortage in New York and improve affordability, particularly as the city grapples with increasing rents, a growing number of evictions, and a strained shelter system exacerbated by an influx of migrants. The plan is intended to generate tens of thousands of affordable homes over the coming years and is seen as an urgent response to the escalating affordability crisis.
#NYHousingCrisis #HochulHousingDeal #TenantProtection #RealEstateDevelopment #NewYorkLegislation #HousingAffordability
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Semi-retired, Full-time Grandpa
7moAs one who did some of the drafting of the NJ Fair Housing Act (the part pertaining to the creation of the state housing trust fund), preservation of existing stock should be part of the conversation as the legislature considers the repeal of the welcomed repeal of the COAH portion of that legislation. Particularly important in areas gentrifying or likely to be under such pressure. The problem that Lind doesn't address is that you need supportive legislation (and money) and a pipeline of players ready to act as opportunities arise to acquire and preserve properties. For example, not only is "right of first refusal" legislation needed, but support for things like land trusts that could hold such properties is needed. Neither NJ nor Philadelphia, the subject of Lind's piece, offer much to CLTs except the right to compete with a host of other for- and non-profit developers. Lots of other things could be done.