ALBANY, N.Y. (WCAX) – Housing in the Empire State could be reaching new heights thanks to a new agreement.
The fiscal year 2025 budget outlines Governor Kathy Hochul’s plans for housing, including an expansion of tenants’ rights and efforts to prevent price gouging.
And in New York City, Hochul highlighted basement conversion programs to help multigenerational families stay together. She also outlined more incentives to build out the affordable housing stock.
“For a long time here in this City and the State, the doors to their next opportunity, their next home, have been closed because there’s such a shortage of supply. Literally no room at the inn. People could not find a place to live. But today, everything changes,” said Hochul.
These changes were outlined in New York’s fiscal year 2025 budget that passed over the weekend. It came after multiple extensions and has a price tag of $237 billion, which is 4 million more than Governor Kathy Hochul originally pitched to lawmakers.