The State of New York looks to take on the housing crisis with a new statewide strategy of building 800,000 new homes over the next decade.
“New York faces a housing crisis that requires bold actions and an all-hands-on-deck approach,” Governor 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.”
The housing crisis shows over half of New Yorker’s are rent-burdened, which means they pay more than 30% of their net income on rent.
A part of the plan will be setting statewide housing targets. This will require all cities, towns, and villages to achieve new home creation targets during a three year cycle. All localities will be able to decide how to meet the new home construction targets. This could include repurposing old buildings for housing, or new incentives for multifamily buildings.
Funding will be available for localities to support new housing projects. The New York Housing Compact will have up to $250 million dollars available in infrastructure funds and $20 million available for Planning Funds.