The Wall Street Journal, April 17, 2024, New York Is Passing A Big Housing Deal. Everyone Is Grumbling
The complex deal brokered by Gov. Kathy Hochul and state lawmakers, billed as the biggest overhaul to New York housing policy in decades, has left advocates on nearly every side wondering whether it will actually improve the state’s worsening affordability problem.
The package—which lawmakers hope will be approved this week as part of a $237 billion state budget—includes a “good cause” eviction protection favored by progressive lawmakers, in exchange for new developer tax breaks to create housing in the state. It also includes incentives for converting offices into apartments, removal of a zoning restriction and adjustments to regulations on renovating some of the city’s one million rent-regulated units once they become vacant.
