Kathy Hochul

Before Gov. Andrew Cuomo resigned in August 2021, Hochul was a relative unknown, serving as his lieutenant governor for six years and, prior to that, a U.S. Representative, representing New York’s 26th congressional district from 2011 to 2013.

It wasn’t until she took over for Cuomo, becoming New York’s first female governor, that Hochul got on the industry’s radar. When she ran for her first full term as governor, she picked up campaign donations from some of the biggest names in the industry, who had previously donated prolifically to Cuomo. 

After she was elected to her first full term in November 2022, she unveiled an ambitious plan to force localities across the state to meet housing growth targets. The plan, however, fizzled out in the face of state legislature opposition. 

Hochul has delivered on some of the real estate industry’s top priorities, including the replacement of the property tax break 421a. Its successor, 485x, however, has been derided by developers for its construction wage requirements. 

As part of a 2024 budget deal, Hochul also signed off on a policy long feared by the industry: good cause eviction. The version that passed, however, was less sweeping than previous iterations. This year, the governor proposed reforming the property tax break J-51 and legislation that would exempt some housing projects from environmental review. While the changes to J-51 were framed as a step to address distress in the city’s rent-stabilized housing stock, landlords said the reforms don’t go far enough.