SHIFT IN HOUSING MANDATES, ADVOCACY FOR ‘NY HEAT’ ACT, AND FEDERAL NFIP FUNDING

By Connor Gillis
Government Affairs Rep, NYSAR

Governor Hochul drops housing growth mandates in 2024 agenda

Governor Hochul has said she will not pursue legislation mandating housing growth targets across the state when releasing her 2024 agenda in January. The proposal was the centerpiece of her “New York Housing Compact,” which she outlined at the start of 2023. Housing policy is still expected to remain part of the governor’s 2024 agenda to support her pledge to build 800,000 new housing units over the next decade, including a push for replacing the expired 421a affordable housing tax abatement program.

Lawmakers continue to urge passage of “NY HEAT” Act

Backers of a measure to begin phasing out the state’s gas system continue to pressure Gov. Kathy Hochul to include the bill in her executive budget. More than 90 local elected officials sent a letter to the governor backing “NY HEAT” on Wednesday. The legislation would cap energy bills for low-income customers at 6 percent of their income, end subsidies for new gas hookups, end gas utilities’ obligation to serve new customers, and set up a pathway to electrify entire neighborhoods.

Congress extends funding for NFIP to February 2024

The federal government funding bill passed by the Senate Wednesday extends funding of the National Flood Insurance Program (NFIP) through February 2, 2024, without any reforms until early next year. Funding for the NFIP was set to expire on November 17, absent action taken by Congress. Thank you to all New York REALTORS® who participated in the Call for Action calling on Congress to extend this critical funding for the NFIP.

City of Albany Common Council Approves Funding for Vacancy Study

The City of Albany Common Council approved $75,000 in funding for a vacancy study to determine whether the City can opt-in to the Emergency Tenant Protection Act (ETPA) and adopt rent control. For a municipality to opt into the ETPA, it must conduct a vacancy study and determine its vacancy rate. If the vacancy rate is 5% or below, a municipality can declare a housing emergency and form a rent guidelines board to determine rent prices. The ETPA only affects buildings with six or more units built before 1974. The City anticipates finishing its vacancy study in the first half of 2024.