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Affordable housing push underway amid rising costs across New York

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  • Staff Report 

Governor Kathy Hochul continues her mission to address New York’s escalating housing crisis, focusing on building more affordable homes for New Yorkers. Despite facing resistance last year from suburban officials who opposed local mandates to boost construction, Hochul has adopted a softer approach this year, finding common ground with state lawmakers in recent budget negotiations.

The new policies, forged in last month’s budget, aim to encourage rather than mandate the construction of affordable housing. They include optional tax incentives for developers to create affordable apartments across the state, whether in high-rise buildings or converted spaces in existing houses. This strategy is a shift from Hochul’s previous proposal, which set annual growth targets and mandatory zoning near commuter train stations, which was met with significant local opposition.

These efforts come as housing costs continue to soar, pushing homeownership and rent beyond reach for many. In Mamaroneck, a report last month highlighted that nearly half of the village’s tenants are spending more than a third of their income on rent, with median home sale prices topping $1 million. Governor Hochul’s revised approach aims to stimulate affordable housing development while respecting local governance, balancing state-wide objectives with community-specific needs.

Categories: New York StateNews