New York is passing a big housing deal. Everyone is grumbling.
New York politicians are seeking to supercharge construction of new affordable housing while also giving thousands of existing apartment dwellers stronger protections against evictions and rent increases. The complex deal brokered by Gov.
Kathy Hochul and state lawmakers, billed as the biggest overhaul to New York housing policy in decades, has left advocates on nearly every side wondering whether it will actually improve the state’s worsening affordability problem. The package—which lawmakers hope will be approved this week as part of a $237 billion state budget—includes a “good cause" eviction protection favored by progressive lawmakers, in exchange for new developer tax breaks to create housing in the state.
It also includes incentives for converting offices into apartments, removal of a zoning restriction and adjustments to regulations on renovating some of the city’s one million rent-regulated units once they become vacant. State officials estimated the entire package would spur around 200,000 new housing units over the next decade.
The high cost of living and lack of housing have been top concerns for New Yorkers in the aftermath of the Covid-19 pandemic, when moratoriums halted evictions and economic uncertainty scrambled development plans. The overall net vacancy rate for rental apartments in New York City dipped to 1.41% last year—one of the lowest recorded since the mid-1960s, according to a city report.
Hochul unveiled the deal Monday evening, but acknowledged that final details were still being worked out with fellow Democrats who control the state Legislature. This account is based on discussions with developers, activists and officials who were briefed on the parameters of the deal and are beginning to
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