Politicspolicy News

"New York Lawmakers Confront Housing Affordability and Political Tensions in 2024 Session"

New York's housing crisis remains a significant challenge as the state enters its 2024 legislative session. Despite Governor Kathy Hochul's previous efforts to address the issue, including plans to build more homes in the suburbs and revamp developer tax breaks, little progress was made in 2023. The state now faces additional pressures from an influx of migrants, high interest rates, and the expiration of the 421a tax break, which have exacerbated the housing shortage. Political divisions, particularly around tenant protections and suburban housing mandates, have hindered comprehensive housing reform. While some incremental steps have been taken, such as executive actions and smaller bills, a major housing deal in Albany remains uncertain as the state grapples with political complexities and upcoming elections.