New York aims to build 800,000 new homes over next decade

ALBANY, N.Y. (NEWS10) — In the 2023 State of the State address, Governor Kathy Hochul introduced the New York Housing Compact, a strategy that pulls together a broad menu of policy changes to collectively achieve the goal of 800,000 new homes over the next decade. The Compact allocates goals to every locality in the state with targets to build new homes.

The target for upstate localities is for the current housing stock to grow by 1% every three years. Downstate, the goal will be 3% every three years.

In addition to building new homes, local governments are urged to shape the ways they expand building capacity, which could include redeveloping old malls and office parks, incentivizing new housing production, or updating zoning rules to reduce barriers. Hochul says the State will provide assistance to localities.

“We will offer substantial new funding for infrastructure like schools, roads, and sewers needed to support growing communities and we will cut red tape to allow projects to move forward quickly.” The State will also implement a new fast-track approval process for communities languishing for no legitimate reason.

Hochul also touched on the importance of the MTA in the New York City metro region, and transit-oriented development. “Our investments in our world-class commuter rail lines have connected more people to jobs and created more thriving downtowns. That is why it makes sense to build new housing in those same areas. So as part of the Compact, any municipality with a train station will rezone the area within a half-mile of the station to allow for the creation of new housing within the next three years.”

To meet housing goals, Hochul says they will work with the Legislature on new incentive programs like 421a in New York City. “Housing is a human right. Ensuring enough housing is built is how we protect that right.”