New year, new Albany — sort of.
Fresh off her first week as an elected governor, Kathy Hochul will deliver the 2023 State of the State Address on Tuesday, Jan. 10.
Ahead of the action, The Real Deal’s Kathryn Brenzel has the lowdown on Hochul’s real estate priorities for the year, where they intersect with real estate’s needs, and where they don’t.
Affordable housing, which Hochul has previously touted as a top issue of her office, looks to be one of the hottest-button issues.
But whether the state and city can meet the quotas they’ve proposed remains to be seen.
“The mayor and the governor both came out with these ambitious housing creation goals for the next decade,” Brenzel said. “But I think there’s a big question mark as to how to reach those numbers.”
Meanwhile, a replacement for 421a, the multifamily developers’ favored tax abatement, remains an unknown — for now, at least.
Hochul’s 485W failed last year to pass in the state budget and though the governor believes an initiative akin to 421a is important, she has yet to put forward an alternative.
“Though that could change during the state of the state,” Brenzel said.
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