Hochul Targets NY Housing Shortage With Developer Incentives

New York Governor Kathy Hochul took aim at tackling the state’s housing shortage, a month after the state legislative session ended without any action taken on the ambitious housing program the governor outlined last winter.

Hochul announced a program to extend tax abatements for the construction of affordable housing in Brooklyn’s Gowanus neighborhood, a localized extension of a controversial tax break that state legislators let expire in 2022. The program would require approval from Empire State Development, the state’s economic development agency.