New York & Tri-State + New York + Apartments | January 10, 2023

New York Gov. Kathy Hochul announced a statewide strategy to build 800,000 new homes over the next decade to meet the historic housing shortage

Hochul Calls for 800K New Housing Units Statewide

New York Gov. Kathy Hochul on Tuesday announced a statewide strategy to address the housing crisis, build 800,000 new homes over the next decade to meet the historic shortage and support New York renters and homeowners.

The New York Housing Compact, a multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community. The plan will also require municipalities with MTA rail stations to locally rezone for higher-density residential development.

“New York faces a housing crisis that requires bold actions and an all-hands-on-deck approach,” said Hochul. “Every community in New York must do their part to encourage housing growth to move our State forward and keep our economy strong. The New York Housing Compact is a comprehensive plan to spur the changes needed to create more housing, meet rising demand, and make our state a more equitable, stable, and affordable place to live.”

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Gov. Hochul's office

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).