High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + New York  + Apartments  | 

Hochul Signs Three Affordable Housing Bills

New York Gov. Kathy Hochul signed three pieces of legislation to build and preserve more affordable, energy-efficient housing in New York City. Legislation S. 4709A/A. 7758 authorizes New York City to adopt a new affordable housing rehabilitation program to replace the former J-51 program, which expired in 2022.  

Legislation S. 2985C/A.6655A establishes the “Housing Affordability, Resiliency, and Energy Efficiency Investment Act of 2023,” giving the city more flexibility to provide loans and grants for affordable housing and other related investments. These can include climate resiliency improvements to help ensure the sustainability of affordable housing.   

Finally, Legislation A. 7359/S. 6750 increases the New York City Housing Development Corporation’s bonding capacity. 

“In light of New York’s housing crisis, I am proud to sign this legislation, which will allow for the construction and preservation of more affordable, sustainable and sorely needed housing in New York City,” said Hochul.  

Connect

Inside The Story

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 16-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 7-10 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
New call-to-action
New call-to-action