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New York's Housing Crisis Intensifies Amid Political Deadlock

As the city faces a severe shortage of homes, disagreements between lawmakers and city officials hinder progress on housing reform.

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Housing is taking center stage once again at the state Capitol in Albany as lawmakers return for the Legislative session.

Overview

  • New York's housing crisis continues to worsen, with a shortage of homes and apartments intensifying. The city needs to build another 473,000 houses and apartments by 2032 to meet demand, according to the Regional Plan Association.
  • Assemblywoman Linda Rosenthal, chief of the Assembly’s housing committee, has dismissed the importance of market-rate housing, causing tension with city officials who are pushing for legislation to convert empty office towers into housing.
  • Governor Kathy Hochul and Mayor Eric Adams argue that the best way to tackle soaring rents is to dramatically increase the amount of housing that gets built, including market-rate housing.
  • Hochul's proposed housing regulations, which would have forced New York City and suburban communities to build more homes and apartments, faced resistance from lawmakers and did not pass.
  • Despite the urgent need for housing reform, the chances of a major deal in Albany are mixed at best, with political hurdles and disagreements between different factions slowing progress.