Affordable Housing
NYC Council Vote Is Imminent On the City of Yes for Housing Opportunity Zoning Reform
In early December 2024, the New York City Council is expected to hold a final vote on a comprehensive zoning reform proposal entitled the City of Yes for Housing Opportunity (COYHO). COYHO is designed to alleviate New York City’s housing shortage and historically low vacancy rate by significantly amending the zoning code to facilitate housing…
New York State FY 2025 Budget Includes Significant Housing & Environmental Programs
On April 20, 2024, the New York State Legislature enacted the long-awaited $237 billion budget for Fiscal Year 2025 (the FY 2025 Budget). Housing reform is the centerpiece of the FY 2025 Budget, given the bipartisan nature of the on-going housing affordability and vacancy crisis—especially in New York City. Last year’s FY 2024…
New York State’s FY 2024 Budget Includes Decarbonization and Renewable Energy Investments But Lacks Gov. Hochul’s Housing Plan
On May 3, 2023, New York Governor Kathy Hochul announced the highlights of the approved Fiscal Year 2024 state budget, including numerous investments in decarbonization programs and renewable energy development. Notably absent from the budget are the elements of Governor Hochul’s housing plan, which included a commitment to build 800,000 new units in a decade…
City Issues New Local Law 97 Affordable Housing Guidance
New York City issued new guidance on compliance with Local Law 97 of 2019 (Local Law 97), as amended, for affordable housing and extended the compliance deadline for some types of rent regulated buildings. Local Law 97 requires most buildings over 25,000 square feet to meet progressively stringent greenhouse gas emissions (GHG) limits or to…
New York City Council Passes Major Amendment to Local Law 97 Affordable Housing Provisions
On October 29, 2020, the New York City Council passed Int. No 1947-A—a bill that significantly amends the affordable housing provisions of Local Law 97 of 2019 to require more buildings to meet greenhouse gas emissions caps. Local Law 97 and the technical amendments in Local Law 147 of 2019 require most new and existing…
New York City Council Considers Amendment to Local Law 97 Affordable Housing Provisions
On May 28, 2020, New York City Councilmember Costa Constantinides, among others, introduced a bill—Int. No 1947—to significantly amend the affordable housing provisions of Local Law 97 of 2019. Local Law 97 and the technical amendments in Local Law 147 of 2019 require most new and existing buildings in New York City over 25,000 gross…