The legislature and Gov. Kathy Hochulas part of the budget. The package would likely mean housing costs for New Yorkers will go up, not down.
Whenever you force prices down in a competitive market–and rental housing in New York’s cities is a competitive market, with thousands of competing suppliers–you cause a shortage and you misallocate the scarce good, which in this case is housing. The deal also brings back a slightly revised version of the 421-a tax credit for building “affordable housing” in the City.
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