A refreshingly constructive step has been taken by Gov. Hochul with the announcement of a new Pro-Housing Communities Program. The program proposes to direct a hefty amount of $650M in state discretionary funds towards municipalities that are open to increasing their housing stock. Communities adopting the “pro-housing” stance will be put at the forefront for various housing grants and economic development considerations.
The requirements for a municipality to gain approval under this program include tangible evidence demonstrating a growth in housing stock. Specifically, across downstate regions, an increase of 1% within the last year or an escalation of 3% over the past three years is sought. However, in other regions, a growth of 1% across the past three years is deemed sufficient.
In unrelated but significant news, developments are occurring regarding the future of Rikers Island. However, the available information is insufficient to provide a full overview.
Interestingly, changes in the status quo are also being seen in matters related to asylum seekers. Once again, the lack of comprehensive data calls for an analysis only when further details are disclosed.
The information provided is based on a report published by Cozen O’Connor.