Governor Hochul: "Tired of Waiting" For More NY Homes, Says "Let New York City Build"

“Let's be honest with New Yorkers: the only thing that will solve the housing affordability crisis is building hundreds of thousands of homes. New Yorkers are tired of waiting, and so am I," said Governor Hochul in her 2024 State of the State address, criticizing efforts to regulate existing housing and landlords further to address the ongoing crisis. Focusing on New York City and with the support of Mayor Adams, Hochul proposed restoring pro-development  tax incentives like 421-a, eliminating what she called "outdated restrictions on residential density" under the floor area ratio cap (FAR), financially supporting "no-brainer ideas" like the conversion of unused commercial space into residences, and legalizing basement apartments "where New Yorkers already live." Learn more.