But first, in the two months before she’ll lay out her priorities in her State of the State speech and budget plan, she will have to choose from a dizzying list of proposals from Mayor Eric Adams, real estate interests, tenant groups and others. They seek tax breaks, new subsidy programs, changes to override local zoning rules and more.
The Adams administration has already outlined its wish list of possible solutions, in an appearance by chief housing officer Jessica Katz at a Citizens Budget Commission breakfast last month. Insiders say that proposal is no longer viable but that no one knows what the next plan would look like. City Hall declined comment on what specifics they support in a new tax break.
Instead of reinstating 421-a or creating a similar replacement for it, city Comptroller Brad Lander wants the legislature to focus more broadly on resolving inequities in the city’s property tax system, which imposes much higher taxes on rental properties than other kinds of housing. The system also protects homeowners in gentrifying neighborhoods from big increases while overtaxing residents in working-class areas.
Tenant groups meanwhile plan to renew their efforts for an expanded voucher program to provide rental assistance to more tenants and their “Good Cause” eviction bill, which would set strict limits on rent increases across the board.
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