In an era demanding bold action, New York’s latest housing legislation emerges as a disheartening testament to political timidity. As the state grapples with an escalating housing crisis, the recent agreement announced by Gov. Kathy Hochul with state legislators, while a step forward, illustrates a preference for half-measures over real change.
The crisis itself is stark: soaring rents and home prices pushing residents to the brink, a growing mismatch between the booming job market and the lagging housing supply. Since 2010, the city has added 800,000 people but only 200,000 homes. The state’s response? A watered-down agreement that seems more about political convenience than solving these critical issues. It’s a classic example of box-checking — a way for legislators to arm themselves with talking points for re-election campaigns, rather than deploying the political courage necessary.
The centerpiece of the deal is a replacement for the 421-a tax break — now known as 485-x — which gives developers a property tax exemption for building new multifamily residential housing. The 485-x program would raise construction workers’ wages, expand high-wage positions to more neighborhoods and apply them to buildings as small as 150 units — more generous than the previous 300-unit cutoff.
“The new tax exemption program for housing production, 485-x, will produce less rental housing than its predecessor, 421-a,” James Whelan, president of the Real Estate Board of New York, has said.
What’s more, the version of the “good cause” eviction protections out of Albany only evoked derision from both tenants and landlords.
Finally, this legislative package is New York City-centric. Suburban voters have pushed back so hard on new housing that their representatives in the state Legislature fear for their seats. This omission underscores a lack of comprehensive strategic thinking. What’s needed is a unified area-wide approach to the housing shortage.
Hochul initially proposed a bold vision to tackle the housing crisis, and now she appears to have retreated into safer political territory, settling for a deal that sidesteps potential backlash. If the Metropolitan Transportation Authority had had the same hesitation about congestion pricing, for example, this transformative project would never see the light of day.
This legislative package, while it may bring some relief, falls short of the decisive action needed to address the housing crisis. It’s a continuation of the status quo that benefits a select few while the broader populace continues to struggle with affordability.
Legislators should feel not just the weight of missed opportunities but the urgency to rectify this tepid approach in future sessions.
The Editors , 2024-04-22 11:48:04
Source link
