Last week, Governor Kathy Hochul proposed a state budget of $260 billion that includes new spending on low-income housing, an expansion of the J-51 tax break program for affordable building owners and harsher penalties for landlords who harass rent-regulated tenants.
This is the fifth and final year of Hochul’s $25 billion plan to build 100,000 homes across New York State. So far, 70,000 affordable homes have been created or preserved. Under Hochul’s budget, the state would invest $250 million to speed up the building of more low-income housing.
In her State of the State address, Hochul also said she would limit the use of the State Environmental Quality Review Act as part of her “Let Them Build” agenda to cut through regulatory red tape and create housing faster across the state…