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New York Gov. Kathy Hochul proposed a $25-billion, five-year Housing Plan on Jan. 18, 2022

Hochul Proposes $25B Statewide Housing Plan

As part of her Fiscal Year 2023 Executive Budget, New York Gov. Kathy Hochul proposed a $25-billion, five-year Housing Plan. The plan seeks to create and preserve 100,000 affordable homes, including 10,000 homes with support services for vulnerable populations, and electrify an additional 50,000 homes as part of the state’s plan to electrify one million homes and make another one million electrification-ready.  

Funding includes $5.7 billion in capital resources, $8.8 billion in state and federal tax credits and other federal allocations, and $11 billion to support the operation of shelters and supportive housing units and to provide rental subsidies.    

Hochul’s office said the housing plan, in common with the other components of the FY 2023 budget, occurs within the context of a budget that’s balanced for the entirety of the financial plan leading up to FY 2027, has no budget gaps, and holds spending growth in FY 2023 below inflation. 

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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).

  • ◦Development
  • ◦Policy/Gov't
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