Hochul announces budget outline as lawmakers continue to hash out details

Hochul, a Democrat, described the announcement as the “parameters of a conceptual agreement " on the budget, which is about two weeks late, that was struck with leaders of the state Senate and Assembly after a series of backroom negotiations.

Still, the governor's announcement appeared to have caught lawmakers off guard, with officials still in the process of holding meetings and working out the specifics of the spending plan.“I think it was a surprise for all of us in the Senate,” said state Sen. Liz Krueger, a high-ranking Democrat. The housing deal outlined by Hochul would include a new tax break for developers to incentivize building and a set of tenant protections to make it harder to raise rents and evict people in certain cases, though specifics were not detailed. It also includes plans to use commercial properties and state lands for residential housing.

The spending plan would also set aside $2.4 billion for the state to address numerous migrants who have overwhelmed New York City’s homeless shelters, following a proposal from Hochul to provide short-term shelter services, legal assistance and more.

Source: Real Estate Daily Report (realestatedailyreport.net)

Conceptual Agreement Senate And Assembly

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