The housing crisis has produced countless debates and few solutions in Albany thus far. Gov. Kathy Hochul’s “New York Housing Compact” last year to build 800,000 new homes stalled amid pushback from lawmakers and localities over her zoning code overrides and outcry over the lack of tenant protections. This year, the governor’s agenda includes a revamped 421-a affordable housing tax credit, office conversions, more construction on state-owned land and tying state funding to pro-housing policies. Lawmakers, meanwhile, are pushing for “good cause” eviction protections and the creation of a social housing development authority, among other measures. What are the innovative ways and ideas that the state can help solve the affordable housing crisis?

The worsening affordable housing shortage is a citywide challenge that requires a citywide solution, and every community has a responsibility to be part of the solution and help provide safe, quality homes to all. New York City has also been grappling with an influx of migrants filling emergency shelters, exacerbating a longstanding lack of new housing construction in the region needed to keep up with the growth. What city initiatives are already underway – and how much are they adding to the housing supply? And apart from a breakthrough in Albany – or federal action to address the migrant crisis – what can New York City leaders do to create more affordable housing?

In the last two decades, privately financed development has been instrumental in creating both market-rate and affordable housing in New York City. With the recent enactment of the new 485-x law, replacing the expired 421-a tax exemption program, a fresh landscape is set before developers. This new legislation, dubbed “Affordable Neighborhoods For New Yorkers” (ANNY), marks significant changes, including the elimination of the previously popular 30% at 130% AMI “Option C” and an expansion of projects required to pay a prevailing wage to construction workers. This panel will delve into the ramifications of 485-x on privately financed development, discussing how it reshapes the strategies for fostering affordable housing in an evolving regulatory environment.

New York officials are aiming to increase the supply of multi-family housing, which will ease shortages and stimulate economic growth and revitalize neighborhoods by financing the creation and preservation of affordable housing for low-, moderate-, and middle-income New Yorkers. What are the most promising rezonings, redevelopments and other major affordable housing projects in the long and short term, including public-private partnerships?

As officials explore a number of proposals to create more affordable housing for residents, they are also taking steps to expand access to broadband and allow for the installation of energy-efficient equipment and technology. How can New York achieve these goals – and what improvements have been made so far?