Hochul Proposes Affordable Housing Initiatives in State of State Address

New York Gov. Kathy Hochul on Tuesday outlined several initiatives aimed at improving housing affordability for owners and renters. Presented as part of her State of the State address, they included creating a $100-million Pro-Housing Supply fund to assist with critical infrastructure projects and a streamlined environmental review process for smaller-scale developments, such as multifamily projects of 10,000 square feet or less of gross floor area.

Hochul plans to launch the state’s first revolving loan fund to spur mixed-income rental development outside New York City. The governor also intends to decouple state historic tax credits from federal ones and to spur redevelopment of vacant properties into housing.

She also proposed a statewide ban on the sale or use of rent price-fixing software, arguing that software services aggressively push landlords to raise rents even when an increase in supply or a softening in the market would organically lower prices. And private equity firms would be barred from bidding on one- or two-family homes for the first 75 days they’re on the market under legislation Hochul will propose.

“The top driver of our affordability crisis is the rising cost of rent and mortgages, and New Yorkers need our help,” said Hochul. “After passing a landmark housing deal last year, it’s time to continue the fight with new measures to make life more affordable for tenants and homeowners.”