During her State of the State address, New York Governor Kathy Hochul announced a number of initiatives aimed at improving housing affordability for both homeowners and renters. These include the creation of a $100 million Pro-Housing Supply fund to support critical infrastructure projects, as well as a streamlined environmental review process for smaller-scale developments like multifamily projects under 10,000 square feet.
Hochul also plans to launch the state’s first revolving loan fund to encourage mixed-income rental development outside of New York City. Additionally, she intends to separate state historic tax credits from federal ones in order to incentivize redevelopment of vacant properties into housing.
In an effort to combat rising rent prices driven by software services that push landlords towards increasing rents even when market conditions would naturally lower them, Hochul proposed a statewide ban on the sale or use of rent price-fixing software.
“The main cause behind our affordability crisis is skyrocketing rent and mortgage costs,” stated Hochul. “New Yorkers need our assistance now more than ever. After passing groundbreaking legislation last year, it’s time for us continue this fight with new measures that will make life more affordable for tenants and homeowners.”
