The Senate and Assembly on Tuesday released their annual budget resolutions, responding to Gov. Kathy Hochul’s $227 billion spending proposal unveiled last month. They rejected the bulk of Hochul’s strategy to increase housing production statewide, while entertaining eviction protections the governor has ducked.
The owners of three buildings in Manhattan, Brooklyn and Queens are accused in the suit of falsely registering initial rents with the state Division of Homes and Community Renewal (HCR) in order to charge tenants more money than legally permitted at renewal or on new leases.
“The governor and New York State Legislature should begin a process of discarding all property tax abatements that primarily serve the interests of landlords and developers (not tenants), and end the patchwork of other taxes required to make up the subsequent lost revenue from them.”
What exactly did state lawmakers do before starting their nearly seven-month break? Here’s a rundown.
” We propose a new hybrid financing model that would combine a land value tax (LVT) and community land trusts (CLTs) to address New York’s changing fiscal environment as well as the housing needs of working families.”
“It’s pretty dreadful,” one housing advocate said. “The governor decided to-go drinks and a stadium in Buffalo were more important than housing the homeless and marginalized New Yorkers.”
There’s no question 421a has fueled development—nearly 117,00 units built since 2010 have qualified for the abatement. But over the past two years, the vast majority of income-restricted units were priced for people earning far more than the city median income.
“The governor’s bill maintains many of the core aspects of 421-a that have been vital to our city’s economic success and is a positive first step.”
In her State of the State plan, the governor pitched “a different kind of abatement program” to replace 421-a, which critics see as a developer-friendly policy that siphons nearly $2 billion per year from the municipal property tax pool.
To sell 550 Vanderbilt luxury condos, they’d piggyback onto affordable building well down the block.
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