Statement on the announced conceptual NY state budget agreement

FOR IMMEDIATE RELEASE: April 15, 2024

"The Building Congress has been loud and clear for years: To address this housing crisis head-on, we must break down the barriers to affordable residential development while also incentivizing opportunities for the industry, workers, and tenants alike.

With the announcement of this long-needed comprehensive and historic housing agreement, the Governor and the Legislature have demonstrated their commitment to working with diverse stakeholders to finally address our state's shortfalls to improve the lives of all New Yorkers. We are thrilled this budget will include an extension of 421a for six years for projects already underway and a new and improved replacement for 421a - 485x - to incentivize genuinely affordable housing with good-paying wages for the workers who will build it. We also applaud lifting antiquated regulations like the 12 FAR cap, initiating a pilot program for ADUs, and offering incentives for office-to-residential conversions. We recognize that lawmakers still have work to do on tenant protections. Still, we urge them to reach a consensus expeditiously and solidify this housing package from the supply and demand sides.

On behalf of the Building Congress, I am proud to say that our members are ready to get shovels in the ground to build our way to a more affordable, more equitable future."