ALBANY, N.Y. (NEWS10)— Housing once again will be included in the Governor’s State of the State address— a topic Senator Brad Hoylman-Sigal mentioned on Wednesday as state leaders look to make New York more affordable.
“When it comes to my district, affordability has a lot to do with people being able to stay in their homes,” said Hoylman-Sigal. “We need to build more housing. The governor has introduced very ambitious housing plans in previous sessions. And I support her doing the same this session.”
This year, Hochul is proposing legislation to disincentivize large investment firms from buying single and two-family homes. It would create a 75 day waiting period for institutional investors to make an offer.
She is also proposing $50 million in capital funding to build more starter homes. She wants another $50 million to go towards helping New Yorkers struggling to save for down payments.
Assemblymember Linda Rosenthal is the chair of the Assembly Housing Committee.
“Obviously I need more details, but I think she’s taking a good step forward in terms of addressing the homeownership problem,” Rosenthal said of Hochul’s proposals. “New York State has one of the lowest homeownership rates in the county and we really do need to change that. So, her offer of giving some funding towards purchase is really good.”
Rosenthal shared another housing issue she’d like the governor to address.
“I understand it seems like she’s putting a lot of effort into growth and establishment of housing, I say on the other side, we need to ensure that those who are in housing, get to stay there and also help people lift their credit scores so they can buy units in the future.”
Hochul is expected to give her State of the State Address on Tuesday.
