Cuomo announces $486M affordable housing investment

But tenant advocates slam his failure to talk up rent-stabilization laws

TRD New York /
Jan.January 21, 2015 05:40 PM

Governor Andrew Cuomo said in his State of the State speech today that New York will invest $486 million to help build and preserve low-cost housing in the state.

About $257 million of those funds would come out of the state’s share of a $13 billion settlement with JPMorgan Chase over mortgage-bond sales, he said.

The New York State Association for Affordable Housing gave the governor’s agenda its seal of approval. “Today, the Governor demonstrated his understanding that the development and preservation of affordable housing are critical to building strong communities throughout New York State,” said a spokesperson for the influential trade group, which represents affordable housing developers.

Some tenant advocates, however, highlighted the fact that Cuomo made no reference to rent-stabilization laws. “Everyone knows Cuomo’s re-election was heavily financed by landlords and real-estate executives,” said Delsenia Glover, a leader of Alliance for Tenant Power, and now he is continuing to do their bidding by ignoring the need for stronger rent laws.”

Glover said that the governor’s “silence today on the affordable housing crisis was shameful and wrong,” and called on him to strengthen rent laws that are set to expire in June.

The majority of Cuomo’s top donors come from the real estate community, as The Real Deal and others have reported.

On Jan. 14, Cuomo announced a $1.7 billion break on New York state property taxes, which he said would benefit more than 1 million homeowners and another 1 million renters. — Hiten Samtani


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

From left: Deputy Mayor of Housing and Economic Development Vicki Been, Sen. Brian Kavanagh (inset), Brooklyn Borough President Eric Adams, State Division of Homes and Community Renewal Commissioner Ruthanne Visnauskas (inset), Council member Keith Powers, with Governor Andrew Cuomo and Mayor Bill de Blasio (background) (Credit: Anuja Shakya, Getty Images)

Politico shows and no-shows: What public officials attended the REBNY gala?

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

 NYCHA CEO Gregory Russ and NYCHA houses (Credit: Minneapolis Public Housing Authority and Getty Images)

NYCHA head: Agency now needs $40B in repairs

Rep. Alexandria Ocasio-Cortez, Governor Andrew Cuomo (inset) and a rendering of LaGuardia's AirTrain (Credit: Getty Images, ANewLGA)

AOC joins in fight against Cuomo’s $2B LaGuardia AirTrain project

Carl Heastie highlighted homelessness and housing affordability in remarks to open the 2020 session (Credit: Facebook, Getty Images)

Heastie drills down on homelessness, affordable housing

arrow_forward_ios
Loading...