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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San Diego Begins to See Results of State Housing Law
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Planetizen Federal Action Tracker
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Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.
From Throughway to Public Space: Taking Back the American Street
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This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
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