As New York grapples with its nation-leading exodus of residents over the past two years and a potential economic downturn, Governor Kathy Hochul has turned to the issue of housing as a key platform for 2023.
In her upcoming State of the State address, Hochul is expected to offer a vision focused on creating up to 1 million new housing units over the next decade.
The goal is to address the issue of job growth outpacing new home growth by about 850,000 jobs-to-units over the past decade, with half a million of those jobs coming from the New York City metro area.
To achieve this goal, Hochul is expected to focus on changing certain zoning rules, creating new tax incentives, promoting transit-oriented development, streamlining environmental review for small construction projects, potentially forming an appeals board for local disputes, allowing certain types of accessory dwelling units, and adjusting rules on hotel-to-residential conversions.
While Hochul has ruled out major changes to tenant protections or funding for subsidized housing in the short term, she may address these issues in the future.
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