The New York Times, January 3, 2024, When Will New York Solve Its Housing Crisis? Probably Not This Year
Now, state leaders will get another try. The 2024 legislative session, which began on Wednesday, will again test New York State’s willingness to tackle one of its most debilitating problems. The context this year is in some ways worse than it was in 2023. A surge of migrants arriving in New York City has overwhelmed its homeless shelter system. High interest rates and the expiration of the tax break, known as 421a, have slowed apartment construction to a trickle, threatening to deepen the city’s housing shortage. Rents and home prices remain among the highest in the nation, straining everyday life for the lowest-income New Yorkers and driving the middle class away in droves.
