New York: In order to mitigate the historic shortage of housing, Governor Kathy Hochul has announced a statewide strategy to address New York’s housing crisis.
As per the plan, NYC will build 800,000 new homes over the next decade, and support New York renters and homeowners.
The New York Housing Compact, a comprehensive, multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the State is a partner in solving this urgent crisis.
The plan will also require municipalities with MTA rail stations to locally rezone for higher density residential development.
“New York faces a housing crisis that requires bold actions and an all-hands-on-deck approach,” Governor Hochul said.
“Every community in New York must do their part to encourage housing growth to move our State forward and keep our economy strong.
The New York Housing Compact is a comprehensive plan to spur the changes needed to create more housing, meet rising demand, and make our state a more equitable, stable, and affordable place to live.”
New York State is currently facing a severe, once-in-a-generation housing crisis. According to the population reference bureau more than half of New York renters are rent-burdened, meaning that they pay more than 30 percent of their income on rent – the second-highest rate in the nation.
In the New York City metro area, rents have risen 30 percent since 2015 and home prices have risen 50 percent over the same period.
Outside of New York City, rents have risen 40 to 60 percent since 2015 while home prices have risen 50 to 80 percent.
The New York Housing Compact will call upon all levels of government to meet the ongoing crisis.