Hochul Issues Executive Orders to Tackle New York’s Housing Crisis

Herrick Real Estate partner, Brett Gottlieb, was quoted by the Commercial Observer in their article about how New York's Gov. Hochul signed a series of executive orders Tuesday July 18th that reflect some of the real estate industry’s top priorities, including a substitute tax benefit enabling partially completed projects to move forward, new incentives encouraging municipalities to prioritize housing development in the future, and a 421-a replacement for certain projects in Gowanus, Brooklyn.

Brett stated, "I believe that today’s announcement will allow lenders to get comfortable with the uncertainties of whether projects could satisfy the 421a completion deadline, and will allow for those borrowers to finally close on their construction financing...The new program is critical as these developments are not economically viable due to the deep affordability requirements mandated by the rezoning."

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