Governor Kathy Hochul of New York has announced executive actions aimed at alleviating the state’s housing crisis by promoting residential development, particularly in the wake of legislative inaction on broader housing reforms. The measures include a temporary extension of benefits akin to the expired 421a tax incentive for developers in Brooklyn’s Gowanus area and a push for housing on state-owned land. These steps, intended as interim solutions, seek to address the urgent affordability issues in New York City by encouraging construction and supporting municipalities that facilitate housing development. However, the governor acknowledges these actions as a modest beginning, with more comprehensive solutions dependent on future legislative support.

https://www.nytimes.com/2023/07/18/nyregion/housing-crisis-421a-hochul.html