Will New York Reach a Housing Deal to Confront an Affordability Crisis?
Everyone — landlords, tenants, builders and their various allies — seems to agree that a deal is desperately needed to address the worsening housing crisis in New York State.
What is holding it up?
There are three main factions fighting over a few key priorities, including tough new restrictions on evictions and significant tax breaks for developers. The groups are still at odds but appear to be moving closer as the urgency to pass something passed rises, ahead of a spring break in April.
“We feel we’re in the homestretch,” Gov. Kathy Hochul said in an interview on Thursday.
But Ms. Hochul, who tried and failed to push a housing plan last year, said that negotiations remained delicate, like a game of Jenga: “If we pull out one block, it may keep the building or it may collapse the building.”
“Few will walk away and say they’re thrilled,” she added. “My objective is to say we’re getting housing built.”
An Eviction Clause That Could Slow Rent Increases
The left wing of the Democratic Party, which has influence in the State Senate, is aggressively pushing a “good cause eviction” bill that would limits landlords’ abilities to remove renters from their properties and is effectively a deterrent to sharp rent increases.
The measure would also ensure that any tenants of a property subject to the law are offered automatic renewal leases. Which properties would those be? That’s still up for debate.