Gov. Kathy Hochul and Democratic lawmakers are close to reaching a housing deal in New York, but the proposed package is facing criticism from both tenant and landlord groups. The deal includes reviving a tax break for NYC housing developers, enacting "Good Cause" eviction measures, and easing building size restrictions. Tenant groups are unhappy with carve-outs in the eviction provisions, while landlord groups are critical of the proposed changes to rent regulations. The final plan could be put to a vote as soon as Monday.
Details of a potential housing deal in Albany include weakened "good cause" eviction protections, increased caps for rent-stabilized apartment improvements, and a new version of the 421-a tax break. The proposed compromise has sparked backlash from both tenant advocates and landlord groups, with concerns about exemptions and carve-outs in the "good cause" eviction legislation, as well as changes to individual apartment improvement caps. Additionally, new details on 485-x, a potential replacement for the 421-a tax incentive program, have emerged, including wage standards for workers on affordable housing projects.
Lawmakers in Albany are close to reaching a housing deal in New York that could lead to the construction of new homes and provide protections for renters. However, different factions representing tenants, landlords, and construction workers are still at odds over key priorities, such as eviction restrictions and tax breaks for developers. Governor Kathy Hochul expressed optimism about the progress but emphasized the delicate nature of the negotiations, likening it to a game of Jenga. The left wing of the Democratic Party is advocating for a "good cause eviction" bill to limit landlords' ability to evict renters and deter sharp rent increases.
