For three years, New York State has been caught in a mire of indecision and retreaded ideas while a housing crisis ravages the state. The process remains painfully stuck; it’s a testament to Albany’s failure to confront and address an issue that affects millions.
New Yorkers are living through a crisis not seen in generations. Since 2015, rents in the New York City metro area have surged by 30%, and home prices have skyrocketed by 50%. The gap between the burgeoning job market and the meager addition of only 400,000 new homes in the face of 1.2 million new jobs statewide is stark. The city is in desperate need of 560,000 new homes by 2030 to keep pace with expected population and job growth. Yet, the state’s legislative gears grind to a halt, bogged down by the same worn-out debates and lack of forward momentum.
State Legislation is needed to empower New York City to forge ahead with housing creation, and that necessity cannot be overstated. The city’s hands are tied without the legislative tools and incentives needed to spur development, leaving hardworking people to bear the brunt of inaction.
The stagnation in Albany is not just disappointing; it’s infuriating. Time is not merely slipping away; it is being wasted. Every moment lost to legislative dithering is a moment that New Yorkers continue to suffer.
Here’s what Albany must do:
Revive and revise incentive programs: The 421-a incentive program’s expiration has left a gaping hole in affordable housing development strategy. It’s imperative that a replacement, potentially Gov. Kathy Hochul’s proposed 485-x, is quickly revamped and made appealing to both developers and legislators. Without it, affordable housing production will continue to lag dramatically.
Adopt a version of “good cause” eviction with caution: While the intentions behind good cause eviction are noble, a delicate balance must be struck. Protecting tenants from unfair evictions should not come at the expense of disincentivizing the very developers and landlords we rely on to alleviate this housing crisis.
Eliminate the floor area ratio cap: This is a pivotal step that would enable the construction of more affordable homes in neighborhoods well-served by public transit.
Utilize state-owned land for affordable housing: The Senate’s proposal to use state-owned land for affordable housing development won’t move the needle as far as the city needs it to go, but it is one tool in the box. The idea needs to move from the drawing board to concrete planning.
Embrace office-to-housing conversions: This approach could breathe new life into underused office spaces, addressing the dual challenges of housing shortages and evolving office use in a post-pandemic world. The Legislature should put real money behind this idea, not the token amounts discussed in past sessions.
The scenario unfolding in Albany is one that should be met with shame. In a state as prosperous and resourceful as New York, it’s unconscionable that legislators have allowed this crisis to fester and grow. The time for action was yesterday. The people of New York can’t wait any longer.
The Editors , 2024-03-25 11:03:05
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