New York State’s ‘Groundbreaking’ Plan To Build 800,000 New Homes
New York lawmakers announced a new statewide strategy to address New York's "once-in-a-generation housing crisis."
On Tuesday, during her State of the State address, Gov. Hochul discussed bail reform, yearly raises of many residents, how to keep residents safe and more.
'Historic' Housing Shortage In New York State
Hochul also announced plans to help with the "historic shortage" of homes across New York State.
"New York faces a housing crisis that requires bold actions and an all-hands-on-deck approach," Hochul said. "Every community in New York must do their part to encourage housing growth to move our State forward and keep our economy strong. The New York Housing Compact is a comprehensive plan to spur the changes needed to create more housing, meet rising demand, and make our state a more equitable, stable, and affordable place to live."
New York State is dealing with a "severe, once-in-a-generation housing crisis."
Half of New York State Is "Rent-Burdened"
More than 50 percent of New York renters are "rent-burdened," according to the Population Reference Bureau.
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Rent-burdened means a New Yorker pays more than 30 percent of their income on rent. This is the second-highest rate in the nation, according to Hochul's Office.
New York State Plans To Build Nearly 1 Million Homes
"I’m proud to introduce the New York Housing Compact — a groundbreaking strategy to build 800,000 new homes over the next decade," Hochul said.
To address New York's housing crisis, Hochul announced a new plan to build 800,000 new homes over the next decade.
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"The New York Housing Compact, a comprehensive, multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the State is a partner in solving this urgent crisis," the Hochul office stated.
New York Housing Compact
The New York Housing Compact includes:
- Building 800,000 new homes across New York State
- More support for New York renters
- More support for New York homeowners
- Focus on transit-oriented development
- Remove obstacles to housing approvals
- Replace 421a property tax exemption program
- Incentivize conversion of office space to residential housing
- Allow legalization of basement apartments in New York City