Saturday 10 December 2022
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State Legislators Roll Out $20 Billion Housing Initiative

Governor Cuomo announced a $20 billion affordable housing and homelessness initiative last week, pushing forward the effort to provide adequate homes for all New Yorkers. The plan is the largest effort of its kind in New York history, according to the Governor’s office.

“This legislation is a major step forward for New York as we strengthen our efforts to combat homelessness and expand access to quality, affordable housing for our most vulnerable men, women and children,” Cuomo said in a press release.

New York State has experienced a sharp increase of housing costs over the past several years, making it difficult for many residents to keep up with rising rents —
let alone homeownership. Even the average window replacement costs between $300 and $700. Paired with the cost of a mortgage or monthly rent, living costs are swallowing up household budgets in both urban and rural communities.

By prioritizing affordable housing projects and community support, the state is taking a step toward alleviating these costs.

The five-year plan allocates $10 billion to construct over 110,000 affordable housing units all around the state, Housing Wire reports. It will use the other $10 billion to combat homelessness through supportive housing programs, shelter support, and rental subsidies.

Assembly Speaker Carl Heastie said in a press release that the legislation is part of the Families First initiative, which the state lexapro rolled out in 2015 to improve opportunities for low-income families.

“The cost of living in New York has left many of our most vulnerable residents homeless or in jeopardy of homelessness and this legislation will help us stem the tide and make meaningful change in our communities,” he said. “Safe, secure and affordable housing is essential to our communities, and I would like to give special thanks to Assembly member Cymbrowitz, chair of the Housing Committee, and to all the Assembly Majority for their continued commitment to this issue.”

A more specific list of the plan’s funding breakdown is available on the Governor Cuomo’s website. In addition to new low-income housing, the state government hopes to support homeowners through construction and maintenance initiatives. Because housing costs have risen, many New Yorkers can’t afford even basic home maintenance tasks, like replacing windows, fixing leaks, or cleaning gutters twice per year — they are focused on keeping their home in the first place.

With $20 billion to spend, Cuomo and state legislators hope to address New York’s housing problems in a variety of ways.

“By making significant investments in rehabilitating, preserving and constructing safe and affordable housing, we will open doors for low-income residents and support hard-working New Yorkers in every region of the state,” Cuomo said in the press release.