Governor Hochul Delivers State of the State Address - Focuses on Housing

From: Long Island Board of REALTORS, Inc. Sent: Wednesday, January 18, 2023 Subject: LIBOR News Update - January 18th

On January 10, Gov. Kathy Hochul delivered her 2023 State of the State address providing an outline of the governor’s priorities for the coming year. Much of the focus was on housing initiatives, including a goal of creating 800,000 new homes over the next decade through new and expanded tax incentives, rezoning of certain areas, and expanding eligibility for commercial buildings to convert spaces to residential development. The governor also announced support to require all new homes to be constructed all electric by 2025 for smaller buildings and 2028 for larger buildings and prohibit the sale of any new fossil fuel heating equipment and appliances by 2030. Details on many the governor’s proposals remain yet to be seen until the release of her Executive Budget proposal, which is expected in the coming weeks.

NYSAR has prepared a summary (click HERE for summary) highlighting the governor’s proposals related to housing. The State of the State address will serve as a roadmap for state lawmakers as they begin to draft and negotiate the State Budget, which is due by April 1, 2023. A full version of the governor’s State of the State Book can be found by clicking HERE.

Source: Long Island Board of REALTORS, Inc.