Hochul Wants New Developers Tax Break After NYC Rents Surge (1)

New York Gov. Kathy Hochul (D) said Tuesday she will look to create new tax breaks for affordable housing and office-to-residential conversions in New York City, striking a less-ambitious tack to shoring up the city’s housing supply.

Hochul’s new plan, outlined in her 2024 State of the State agenda, comes after she was unable to strike a deal with lawmakers last year on her plan to build 800,000 new homes over the next decade. That approach, which would have required municipalities to expand their housing supply, earned backlash from suburbs outside New York City. But with the city ...