New York State Passes $237 Billion Budget with Housing Deal and Migrant Aid

New York passes $237B budget, including housing deal, migrant services, and education funding, addressing critical state issues.

Shivani Chauhan
New Update
New York State Passes $237 Billion Budget with Housing Deal and Migrant Aid

New York State Passes $237 Billion Budget with Housing Deal and Migrant Aid

The New York State Legislature has passed a $237 billion budget for the 2024-2025 fiscal year, nearly three weeks past the original April 1 deadline. The budget includes several key provisions aimed at addressing housing, migrant services, and education in the state.

One of the most significant elements of the budget is a housing deal that renews a tax break for New York City housing developers who reserve units for lower-income renters, lifts a cap on residential building density, and creates a pilot program to legalize basement apartments in targeted areas. The deal also includes new 'Good Cause' eviction protections for NYC renters, with some exceptions for newer buildings and landlords with 10 or fewer units.

The budget allocates $2.4 billion in state funding for housing and legal costs associated with thousands of migrants that have arrived in New York City over the last two years, a $500 million increase from last year. This funding will support shelter services, legal aid, and healthcare for the migrant population that has overwhelmed the city's homeless shelters.

In addition, the budget extends mayoral control over New York City's public schools for two years, with measures to ensure the mayor's administration meets class size limits. It also provides $525 million in Medicaid reimbursement rates for hospitals and $285 million for nursing homes, although this is lower than what providers had requested.

Why this matters: The New York State budget addresses critical issues facing the state, particularly the housing crisis and the influx of migrants in New York City. The significant investments in housing and migrant services demonstrate the state's commitment to supporting vulnerable populations and ensuring access to affordable housing.

Governor Kathy Hochul praised the budget agreement, stating, "This budget represents the most significant improvement in housing policy in three generations and includes transformative investments in health care and education that will put our State on the path to fiscal stability." The budget was finalized after extensive negotiations between the governor, legislative leaders, and various stakeholders, reflecting the complex political and business demands involved in the process.

Key Takeaways

  • NY state passes $237B budget, 3 weeks late, with housing, migrant, and education provisions.
  • Housing deal renews tax break, lifts density cap, legalizes basement apts, adds 'Good Cause' eviction.
  • $2.4B allocated for migrant services, a $500M increase from last year.
  • Budget extends mayoral control of NYC schools, provides Medicaid/nursing home funding.
  • Governor Hochul praises budget as 'most significant improvement in housing policy in 3 generations'.