- While housing policy was a major focus in the previous year’s budget, it took a backseat this year. However, the $254 billion state budget does include a new housing voucher program and eases rules for condo conversions in certain multifamily buildings.
- The budget allocates over $500 million in new state funding for various programs, including $100 million for a “Pro-Housing Supply Fund” to assist localities that have been certified as “pro-housing” with infrastructure upgrades for new housing.
- In the budget, some groups are winners and others losers — with changes affecting multifamily owners with expiring affordable housing, tenants and landlords, film production companies, New York City and investors in single- and two-family homes, among others.
Housing policy had top billing in last year’s state budget. This year? Not so much.
The $254 billion state budget, signed into law Friday, did, however, include a new housing voucher program and eases rules for condo conversions in some multifamily buildings.
The spending plan has more than $500 million in new state funding for various housing-related initiatives, including $100 million for a “Pro-Housing Supply Fund” to help localities that the state has certified as “pro-housing” pay for infrastructure upgrades needed for new housing…