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.
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Florida Considers Legalizing ADUs
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Americans May Be Stuck — But Why?
Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?
EV Chargers Now Outnumber Gas Pumps by Nearly 50% in California
Fast chargers still lag behind amidst rapid growth.
Affordable Housing Renovations Halt Mid-Air Amidst DOGE Clawbacks
HUD may rescind over a billion dollars earmarked for green building upgrades.
Has Anyone at USDOT Read Donald Shoup?
USDOT employees, who are required to go back to the office, will receive free parking at the agency’s D.C. offices — flying in the face of a growing research body that calls for pricing parking at its real value.
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