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How Much Housing Will Hochul’s New Deal Build? | THE CITY — NYC News

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Gov. Kathy Hochul called the package of housing proposals approved by the Legislature Saturday as part of the state budget “a once in a lifetime housing deal.” Mayor Eric Adams said triumphantly that his administration had gotten everything it wanted as it tries to create an average of 50,000 new homes a year in hopes of achieving his moonshot goal of 500,000 units over the next decade. Key provisions offer a tax break for new developments that guarantee some affordable apartments, speed the conversion of obsolete office buildings to residential use, increase the number of apartments that can be built in a single building and let landlords invest in renovating vacant apartments. But each one of those elements contains restrictions and requirements that make their impact highly uncertain. “The new tax break is better than nothing,” said Daniel Bernstein, a lawyer at Rosenberg & Estis who specializes in incentive programs for development, “but whether it is going to be enough to produce

Find our journalism more easily when you are searching for local coverage. Add The City Reporter on Google Gov. Kathy Hochul called the package of housing proposals approved by the Legislature Saturday as part of the state budget “a once in a lifetime housing deal.” Mayor Eric Adams said triumphantly that his administration had gotten everything it wanted as it tries to create an average of 50,000 new homes a year in hopes of achieving his moonshot goal of 500,000 units over the next decade. Key provisions offer a tax break for new developments that guarantee some affordable apartments, speed

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