As state budget negotiations drag nearly two weeks late, a housing deal seems likely to coalesce—but it’s not there yet, as consequential details remain fluid.
Protesters marched outside the Real Estate Board of New York’s Manhattan headquarters Thursday, while others blocked foot traffic in an act of civil disobedience. The NYPD arrested 13 people, including the city’s Public Advocate, Jumaane Williams.
As elected officials attempt to hammer out a housing deal before the state’s budget deadline at the end of the month, advocates want lawmakers to know they’re still fighting for tenant protections that aren’t watered down.
“A housing package that protects tenants, builds affordable housing, and creates good jobs is possible, but bad actors in the real estate industry would rather hold my members and all New Yorkers hostage on account of their greed.”
Mayor Adams’ ‘City of Yes’ housing proposal includes a 20 percent density bonus for developers—if the additional units are income-restricted. While City Hall has yet to finalize exact affordability levels, officials said they would be aimed at households that earn lower than 80 percent of the Area Median Income, roughly $101,680 for a family of three.
“What we need is not haphazard compromise through gritted teeth, but the embrace of a coherent policy to safely and affordably house more New Yorkers. We need to build more housing and help more people afford it.”
Gov. Kathy Hochul’s proposed legislative budget for the new year includes another attempt at replacing the expired 421-a developer tax break. But she’s left lawmakers, construction unions and developers to hash out exactly what the “Affordable Neighborhoods for New Yorkers” incentive will look like.
After failing to pass her ambitious Housing Compact proposal last year, Gov. Kathy Hochul is using a lighter touch on housing—but state and city lawmakers have expressed hope for a potential compromise to both increase the development of affordable homes and protect tenants.
The developer and MTA have come to agreement on the platform needed for three towers, but Greenland USA won’t proceed without a key tax break. As Empire State Development floats proposals, watchdogs warn of delays.
After dropping the year before, affordable housing production was up again during the 12-month span that ended June 30, officials said Thursday—what advocates say is a welcomed boost but still a far cry from what’s needed as the city struggles to address record-high levels of homelessness.
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