- Forbes reported on state policies implemented by Kathy Hochul's administration.
- State budget initiatives are impacting local housing policy, involving Crawford and Kathy Hochul.
New York State commits $25 billion to affordable housing projects
What happened
Kathy Hochul pledged $25 billion to create 100,000 affordable homes over a five-year period. State and city officials also overhauled municipal zoning laws, reduced environmental reviews, and legalized tax abatements to lower long-term project costs. Chris Milner noted that the new legislation has produced housing units and that permanent federal Opportunity Zones could attract additional investment.
Why it matters
The investment and regulatory changes are designed to accelerate multifamily construction and address housing shortages in the state. The introduction of permanent federal Opportunity Zones may lure additional investment into less affluent census tracts.
State budget initiatives are impacting local housing policy, involving Crawford and Kathy Hochul.
Who's involved
- Kathy HochulGovernor of New York State, who pledged $25 billion for affordable housing
- Chris MilnerHead of investment management at Cantor Fitzgerald Asset Management, who commented on the tax legislation
- Shawyn Patterson-HowardMayor, who committed to building 200,000 new affordable homes over the next decade
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The entities involved
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Kathy Hochul
57th Governor of New York since 2021