Hochul’s Housing Plan Draws Praise, Skepticism
Chair of Herrick's Land Use & Zoning Group, Mitch Korbey, was quoted by the Commercial Observer in an article discussing Gov. Kathy Hochul's aim of creating 800,000 new homes in New York state over the next decade. The article notes that the proposal, laid out in Hochul's Jan. 10 State of the State address, is currently missing budgetary details and a clear path to legislative passage.
Mitch notes, "We're blessed with a relationship between the mayor and governor that hasn’t happened for some time... I shudder to think how these plans would roll out without a dialogue between Albany and City Hall that you now have."
The article discusses that real estate insiders believe the NYS legislature will adopt some of the Governor’s proposals to stimulate housing growth but will put their own spin on them. That will likely involve increased levels of funding for supportive housing, new language on tenant protections and broader levels of affordability in any tax abatements for the measures to pass.
Mitch adds, "The legislature will have requirements for affordable housing, which is not in the zoning for conversions and will go beyond what we currently permit... There’s ample precedent for it working."
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