The FY 2025 budget includes a new tax incentive, funding for affordable housing on state land, and support for adaptive reuse and ADUs.
New York Governor Kathy Hochul announced a package of policies aimed at stemming the housing crisis and improving affordability for renters and homeowners as part of the FY 2025 Enacted Budget.
According to a press release from the governor’s office, the package includes new tax incentives for development in New York City, new incentives for adaptive reuse, a $500 million capital fund for building housing on state-owned land, and new renter and homeowner protections. “For localities outside of New York City, the Budget includes an opt-in tax incentive program for mixed-income and 100 percent affordable new construction or conversion multifamily rental projects, and an incentive to create accessory dwelling units (ADUs).”
An article in Politico notes that the policy shift signals that politicians are feeling “the political weight of the growing crisis,” and that soaring costs are wearing down the city’s “trademark NIMBYism.” However, lawmakers backed away from a prior proposal to “force localities, particularly the suburbs around New York City, to grow their housing stock” in response to pressure from suburban groups.
‘City of Yes’ Zoning Reform Gains Planning Commission Approval
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San Diego Begins to See Results of State Housing Law
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
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Report: Zoning Reforms Should Complement Nashville’s Ambitious Transit Plan
Without reform, restrictive zoning codes will limit the impact of the city’s planned transit expansion and could exclude some of the residents who depend on transit the most.
Judge Orders Release of Frozen IRA, IIJA Funding
The decision is a victory for environmental groups who charged that freezing funds for critical infrastructure and disaster response programs caused “real and irreparable harm” to communities.
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