NEW YORK — New York lawmakers approved a $237 billion state budget Saturday.
In a series of posts on X, Gov. Kathy Hochul highlighted parts of the budget, adding, “We got all of this done without raising income taxes by a single cent.”
The budget was finalized about three weeks after its April 1 deadline.
What is in the New York state budget?
Here’s some of what the state budget includes:
The state Senate and Assembly finished working through the state’s several budget bills on Saturday after hours of debate. The spending plan now moves to Gov. Kathy Hochul to be signed into law, which she is expected to do.
Below market-priced apartments in new N.Y. buildings
The negotiations, which were conducted in private between the governor and top legislative leaders, largely hinged on a sweeping proposal to jumpstart the state’s housing market.
The plan gives a tax break for developers who agree to offer a portion of apartments in new buildings for prices that are below market price and includes a wage standard for laborers on those projects.
The state had a similar tax break, but it expired in 2022. Hochul and other supporters have long argued such an incentive is a vital lure for development, though critics have argued it is too costly and favorable to developers.
As part of the housing deal, progressives also got long sought-after legislation that would provide some tenants with protections against unreasonable rent increases and evictions, though it was not as comprehensive as many advocates had wanted.
Some housing advocates complained about the tax break offered for developers.
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