Earlier this month, Governor Hochul signed into law two major pieces of legislation that will support the construction and preservation of affordable housing for New Yorkers.
The first law creates more flexible rules for converting underutilized hotels and commercial space in New York City into permanent housing. The second law establishes the New York City Public Housing Preservation Trust, paving the way for the overdue repair, rehabilitation, and modernization of 25,000 apartments under control of the New York City Housing Authority.
We applaud Governor Hochul, the State Legislature, and New York City Mayor Adams for taking bold action to help ensure that New Yorkers can access safe, livable, and quality affordable housing. Both of these news laws complement the State's new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations.