AIANY Highlights Housing Priorities at 2024 Joint Legislative Budget Hearing

On February 14, AIA New York testified before the New York State Joint Committee on Housing on AIANY’s FY25 Article VII Budget priorities. AIANY’s testimony highlighted support for affordable housing policies, and focused, in particular, on policies to break down key barriers to office to residential conversions.  

AIANY expressed support for the following proposals included in Governor Hochul’s Fiscal Year 2025 Executive Budget in the Education, Labor, and Family Assistance Article VII Legislation. 

• Part Q: Authorize New York City and the New York State Urban Development Corporation to Allow for Denser Residential Development  
• Part R: Authorize Tax Incentive Benefits for Converting Commercial Property to Affordable Housing 
• Part S: Enable the City of New York to Create a Pathway to Legalize Pre-Existing Basement and Cellar Dwelling Units in New York City  
• Part T: Extend the Project Completion Deadline for Vested Projects in the Real Property Tax Law 421a  
• Part U: Create New Tax Abatement for Rental Housing Construction  

In addition, AIANY made the following affordable housing policy recommendations:

• Amend the date conversions are permitted from 1961 to 1990 in the Multiple Dwelling Law 
• Encourage transit-oriented development 
• Legalize accessory dwelling units 

AIANY’s oral testimony can be seen here, and the full written testimony can be found here.