Programs

The New York Housing Compact

Governor Hochul’s bold plan to fix New York’s housing crisis and build 800,000 new homes

The New York Housing Compact

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

More Jobs Than Housing
New York has created 1.2 million jobs over the past 10 years — but only 400,000 new homes.
Skyrocketing Rent & Home Prices
In the NYC metro area, rents have risen 30% since 2015 and home prices have risen 50%. Outside of NYC, rents have risen 40 to 60% since 2015 while home prices have risen 50 to 80%.
Barriers to Housing Growth
Restrictive zoning laws, red tape, and lengthy approvals processes make building new housing more difficult.

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.

Detailing the New York Housing Compact
Detailing the New York Housing Compact
https://www.youtube.com/embed/KUPlrCtUExM

The New York Housing Compact

Plan Highlights

Measured, Sustainable Growth
Outside of New York City, 80% of localities will be expected to create less than 50 homes over the next 3 years — and they'll have support from the State as they work towards their goals.
Emphasizing Transit-Oriented Development
Localities with MTA rail stations will undertake local rezonings and other mechanisms to increase housing capacity near stations where needed.
Incentivizing New Construction
To expedite rezoning and development of new homes, new property tax exemptions will encourage affordable housing construction and rehabilitation of existing housing.
More about the New York Housing Compact

Additional Highlights

By the Numbers

Icon for Community Revitalization

$250 million

for necessary infrastructure upgrades and improvements

Map

$20 million 

Planning Fund  to support local rezoning efforts

Home Repair icon

$50 million

for critical home repairs for low-income communities of color

Plan Details

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.”

Governor Kathy Hochul

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As New York continues to take steps to expand housing affordability and home ownership options for all its residents, data will become available on the progress being made. Sign up here to learn more about New York Housing Compact and other issues important to you.

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Additional Information

Find more information about Governor Hochul's New York Housing Compact.

One-Pager Detailed Policy Points What New Yorkers are Saying