Addressing New York's Housing Crisis
The New York Housing Compact, part of Governor Hochul's FY 2024 Executive Budget, is a multifaceted approach to address New York’s historic housing shortage and build 800,000 new homes over the next decade. The New York Housing Compact will encourage growth by removing barriers to housing production, incentivizing new construction, and setting local housing targets across every New York community.
By expanding housing production, the New York Housing Compact will make it easier for families to live and thrive in New York, for employers to accommodate the workers that they need to keep their businesses growing, and for our great state to expand fair access to quality housing.
The Problem
New York's Housing Supply Is Not Meeting the Demand
The Solution
The New York Housing Compact
Ruthanne Visnauskas, Commissioner of the New York State Division of Housing and Community Renewal, details the New York Housing Compact.
The New York Housing Compact
Plan Highlights
Additional Highlights
By the Numbers
$250 million
for necessary infrastructure upgrades and improvements
$20 million
Planning Fund to support local rezoning efforts
$50 million
for critical home repairs for low-income communities of color
The New York Housing Compact is a comprehensive plan to spur the changes needed to create more housing, meet rising demand, and make our state a more equitable, stable, and affordable place to live.”
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