Gov. Hochul Releases Executive Budget Proposal

On Wednesday, February 1, Gov. Kathy Hochul presented her FY 2023-24 Executive Budget proposal totaling $227 billion, a 2.4 percent increase in spending over last year. Governor Hochul reaffirmed her commitment to building 800,000 new homes (units) over the next decade as part of her “New York Housing Compact.” In her Executive Budget, Governor Hochul included new housing development target rates for regions of the state, new incentives for affordable housing development, requirements to authorize ADUs statewide, climate action mandates, and a new registry to address lead hazards in rentals outside of NYC. A summary of these topics and more can be read by clicking HERE. NYSAR will continue to analyze the Executive Budget proposal and will review the Senate and Assembly respective one-house budget proposals when they are released within the next month.