NYHC released a report looking at the impact that the absence of state housing legislation will have on New York City’s affordable housing production. The brief has been corrected to reflect production data that was updated by the city on May 22, 2023.
While housing has been a top issue in Albany in this year with Governor Hochul pushing an ambitious housing supply plan, and after months of discussion, no significant stand-alone housing bill has passed with just 5 days left in session.
Without state legislation, NYC Mayor Eric Adams’s housing plan lacks important tools to build and preserve affordable housing. While the City has the ability to fix their staffing shortages through budget and policy changes, it is anticipated that without legislative changes relating to taxation, zoning and lending authority, affordable housing production will decline. It is not possible to predict the exact impact on production, but it is easy to see where programs have made a difference in attaining goals of the housing plan.
NYHC outlines key legislation likely to impact NYC’s affordable housing plan including:
- Extending the 421a construction deadline for existing projects
- A tax benefit that incentivizes affordable rental housing in high-cost neighborhoods
- Regulatory framework to allow conversions of offices to residential buildings
- Eliminating the 12 FAR cap in New York City
- A housing preservation tax benefit
- Modernizing HPD’s loan authority
- Legalizing basement apartments
Read the brief here