Crain’s: What’s in the New York state budget: housing, speed limits, Medicaid, weed shops
April 19, 2024 The New York state budget for fiscal year 2025, announced by Governor Kathy Hochul, encompasses a wide array of policies, notably including a significant housing deal aimed at boosting construction and providing tenant protections. The $237 billion budget introduces the 485-x tax break to encourage affordable housing and revises eviction laws to better protect tenants, alongside measures for converting office spaces to residential units. The budget also supports Mayor Eric Adams’ initiatives, such as handling the city’s migrant crisis and maintaining control over city schools. Additionally, it includes healthcare and transportation reforms, with a specific focus on preventing the closure of SUNY Downstate’s University Hospital and allowing New York City to set its own speed limits. These comprehensive policies reflect a broad commitment to addressing key urban issues like housing, healthcare, and infrastructure development in New York state.