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An affordable housing plan was included in April’s final State Budget to address New York’s housing crisis by increasing the housing supply, promoting affordability, strengthening protections for New York renters and homeowners, and combatting bias and discrimination in housing.  The plan specifically includes:

Housing Production: 

  • A five-year extension – from June 2026 to June 2031 – of the deadline for vested projects to complete under the 421(a) program. 

  • A new voluntary tax incentive program to support the creation of below-market housing in office-to-residential conversion projects. 

  • The ability of the City of New York to increase residential density through a rezoning above the prior 12 FAR cap if certain conditions are met. 

  • A new tax incentive program, 485x, to support the creation of new mixed-income housing to replace the expired 421(a) program. 


Improving Existing Homes 

  • Makes minimal changes to the Individual Apartment Improvement (IAI) program that governs how owners of rent stabilized housing can recoup investments in those apartments. 


Tenant Protections 

Generally requires property owners of market-rate rental units to offer renewal leases to certain existing tenants and imposes limits on annual rent increases in those renewal leases with certain exemptions to, among other things, ensure new housing can continue to be financed and built. 


NYCCC recently hosted a “DOB on the Road” meeting at the Penn Club.  This was an excellent opportunity for NYCCC members to sit down with DOB representatives to discuss DOB processes and ask questions.  It was a wonderful exchange of knowledge and ideas, great progress was made and we thank DOB for the opportunity.

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