Governor Hochul’s Housing Deal Comes Up Short

The proposed housing deal revealed recently by Governor Hochul was not enthusiastically received by advocates on nearly every side of the table, leaving everyone “wondering whether it will actually improve the state’s worsening affordability problem.” The legislation that is part of a $237 billion state budget includes “a ‘good cause’ eviction protection favored by progressive lawmakers, in exchange for new developer tax breaks to create housing in the state. It also includes incentives for converting offices into apartments, removal of a zoning restriction and adjustments to regulations on renovating some of the city’s one million rent-regulated units once they become vacant. Although as of Monday, April 15th final details were still being worked out, state officials estimated the entire package would spur around 200,000 new housing units over the next decade.

Source:    https://www.thecity.nyc/2024/04/15/hochul-housing-deal-state-budget-good-cause/