Governor Kathy Hochul proposed new measures to boost affordable homeownership in New York, including a $50 million fund to encourage starter home construction and additional down payment assistance for low- and moderate-income first-time buyers. These initiatives build on her ongoing $25 billion, five-year housing plan.
To curb corporate home acquisitions, Hochul suggests a 75-day waiting period before institutional investors can bid on single-family homes. Critics, however, argue it falls short of reversing existing trends and call for stronger measures, like the Tenant Opportunity to Purchase Act, which prioritizes tenant ownership of properties.
Other proposals include tax incentives for affordable housing developed by nonprofits or government entities and sold to low-income buyers, aiming to balance equity and affordability statewide.
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