New York lawmakers pass $237 billion budget with policies to jump-start housing market
New York lawmakers have approved a $237 billion state budget that includes plans to spur housing construction, combat unlicensed marijuana stores and address the migrant crisis
ALBANY, N.Y. — New York lawmakers passed a $237 billion state budget Saturday that includes plans to spur housing construction and combat unlicensed marijuana stores.
The package also includes a raft of other measures such as expediting the closure of some state prisons, addressing a recent influx of migrants and continuing the pandemic-era policy of allowing people to buy takeout cocktails.
The state Senate and Assembly finished working through several budget bills Saturday after hours of debate. The spending plan now moves to Gov. Kathy Hochul to be signed into law, which she is expected to do.
The negotiations, which were conducted in private between the governor and top legislative leaders, largely hinged on a sweeping proposal to jump-start the state's housing market.
The plan offers developers a tax break if they agree to rent a portion of apartments in new buildings for below market price. The deal also includes measures to protect some tenants against unreasonable rent increases and evictions, though it was not as comprehensive as many advocates had wanted.
“This budget agreement represents the most significant improvement in housing policy in three generations,” Hochul said in a statement.
The state had a similar tax break before, but it expired in 2022. Hochul and other supporters have long said that such an incentive is a vital lure for development, though critics consider it too costly and favorable to developers.
“Governor Hochul did not solve the housing crisis — instead she pushed through a housing deal written by the real
Read more on abcnews.go.com
