Gov. Hochul Survived Reelection, Now She Has to Tackle the State’s Housing Crisis
Real Estate partner Brett Gottlieb was quoted in the Commercial Observer discussing Gov. Kathy Hochul's plan to create more affordable housing in New York state. Now that the election is over and a full four-year term is ahead of her, Hochul appears ready to make significant changes to the state’s built environment specifically residential housing.
In regards to programs like 421-a or Affordable NY that would spur likely construction, Brett noted, "I wouldn’t be surprised if we see an entire toolbox. Whatever they come up with will likely have more [area median income] options, different benefit terms, and a benefit that might be calculated in a different manner. It’s up to the economists and the marketplace to determine what tools they think are most effective."
Brett continued, "People are very dissatisfied with her political positions regarding crime and bail reform, but she feels that she’s done her job with those changes last year and this year is the year to focus on housing. Will she hold up the budget over either? I guess it remains to be seen."
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