The legislative package moving through the state capital reflects growing political angst over the housing crisis.
Last year, Gov. Kathy Hochul pushed an ambitious proposal to force localities, particularly the suburbs around New York City, to grow their housing stock. Hochul dropped those mandates from her housing agenda this year. | Mike Groll/Office of Governor Kathy HochulNEW YORK — New York City is staring down a housing affordability crisis of epic proportions. But for two years running, state lawmakers failed to do much of anything about it.
“The fact that New York City’s vacancy rate is at 1.4 percent should be scaring the crap out of all of us,” Assembly Speaker Carl Heastie, a Democrat, told reporters this week.that found the vacancy rate for rentals in the five boroughs is the lowest it’s been in more than 50 years.
As one example, left-flank Democrats didn’t aggressively fight the return of the tax break for rental housing known as 421-a, focusing their efforts on other aspects of the deal. “I’ve been discussing the cap for a decade,” said Rachel Fee, executive director of the New York Housing Conference, a research and advocacy group. Being opposed to development “feels like it’s not an acceptable position to hold on to — we have a housing shortage, rents keep going up, and I think people finally understand that relationship to lack of supply.
Nonetheless, the inclusion of the policy reflects movement on a top priority of many left-leaning lawmakers, and activists will likely return to Albany in future legislative sessions to strengthen and expand the law.The new version of the 421-a incentive will come with bolstered wage standards won by construction trade unions and new affordable housing requirements.
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