THIS YEAR’S HOUSING PLAN?: After last year’s controversial housing package, Gov. Kathy Hochul is taking a chill pill this year on that front: Her proposed $252 billion budget does little to address the state’s worsening housing crisis this year. “Let’s see the results of what we already put in place," Hochul said Tuesday, when asked about this year’s housing policy proposals. “I’m not looking to score a touchdown every single time we have a down." If you remember, last year’s housing deal was a massive effort that involved drawn-out negotiations between labor groups, real estate developers, tenant advocates and landlords. It brought about new language that attempted to strengthen tenant protections through “good cause” eviction measures, a new tax incentive for residential developers in the city and new policy on renovations to rent-stabilized apartments. This year? There’s a proposal to prohibit private equity and hedge funds from buying homes within the first 75 days they go on the market — a plan that would likely be the first of its kind in the nation if successful. And Hochul is planning to allocate a cool $50 million in forgivable down payment assistance toward low- and moderate-income first-time homebuyers, and another $50 million to boost starter and modular home construction. (And don’t forget about Hochul swooping in to send New York City $1 billion to save the mayor’s “City of Yes” plan.) But in the wake of last year’s legislation, there seems to be little effort from the Executive Chamber to push through another package of serious housing policy. (And the upcoming election year for both Hochul and the Legislature dims prospects of that happening next year.) “You can’t just address [housing] one year and then say okay we’ve fixed it and we’re moving on, especially when the governor’s signature policy proposal didn’t get passed,” said Jay Martin of the New York Apartment Association, a landlord group, referencing the ambitious housing plan Hochul pushed in 2023. On Tuesday, Hochul contended her housing plans from prior years are working well. About 300 communities have applied for the state’s 2023 “pro-housing” certification program that grants the locales access to the $650 million pot for local improvement projects. It’s a method the governor cheekily refers to as offering communities “a big bunch of carrots” instead of “sticks,” a strategy informed by the fierce push pushback she received from suburbanites unhappy with her short-lived 2023 plan to mandate housing and override local zoning laws. (And the suburbs are pivotal in gubernatorial elections, Hochul nearly learned the hard way in 2022.) She also promoted her 485-x tax break for city developers yesterday, which was part of last year’s deal. (Builders aren’t thrilled with the program, but Hochul signaled she won’t be tweaking it anytime soon.) Her office said the state is on track to create or preserve 100,000 affordable homes by the end of fiscal year 2027, with 55,000 homes completed so far. (A spokesperson for Hochul couldn’t provide us with any info on the types of homes that had been created or preserved.) “There’s vast acknowledgment among Democrats that addressing New Yorkers’ cost of living needs to be the thing they’re talking about,” said Cea Weaver, a tenant activist who leads the Housing Justice for All coalition. “And I don’t know how you can look New Yorkers in the eye and say you did that unless you do something about their biggest expense which is housing costs.” — Jason Beeferman and Janaki Chadha
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