Hochul Targets NY Housing Shortage With Developer Incentives

New York Governor Kathy Hochul took aim at tackling the state’s housing shortage, a month after the state legislative session ended without any action taken on the ambitious housing program the governor outlined last winter.

Hochul announced a program to extend tax abatements for the construction of affordable housing in Brooklyn’s Gowanus neighborhood, a localized extension of a controversial tax break that state legislators let expire in 2022. The program would require approval from Empire State Development, the state’s economic development agency.

She also issued an executive order instructing the state government to direct $650 million in grants to communities ...