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Joint Legislative Hearing - Senate Finance Committee and Assembly Ways and Means Committee

2025-02-27 2025-2026 Executive Budget on Housing Chair: Sen. Liz Krueger (Senate Finance) and Assemblyman J. Gary Pretlow (Assembly Ways & Means) View full transcript → Archive

Wire Brief

New York State's housing crisis dominated a lengthy joint legislative budget hearing on the Governor's 2025-2026 housing proposals, with testimony revealing deep concerns about affordability, homelessness, and the adequacy of proposed funding. Governor Hochul's budget includes $1 billion for New York City's City of Yes housing program, a $50 million mixed-income revolving loan fund for upstate rental housing, and a proposal to impose a 75-day waiting period before institutional investors can purchase single-family homes. The state's five-year Housing Plan has created or preserved 55,000 affordable units toward a 100,000-unit goal. However, advocates and housing providers testified that the proposals fall short of the crisis's scale. Homelessness has nearly doubled statewide to 160,000 people, with 50,000 children in shelters. Multiple testifiers called the Housing Access Voucher Program (HAVP)—which would provide rental assistance to 13,000 households—the single most impactful measure the Legislature could pass, with potential savings of $1 billion over five years. Preservation of existing affordable housing emerged as a critical need. The Community Preservation Corporation reported that 50-67 percent of the former Signature Bank portfolio of 35,000 rent-stabilized units face financial or physical distress. NYSAFAH requested $150 million for an affordable housing relief fund, while the Association for Neighborhood and Housing Development proposed $250 million for a Housing Access and Preservation Initiative. Rural housing advocates opposed cuts to the Rural Preservation Program, which the Executive Budget reduced by 30 percent. The Neighborhood Preservation Coalition similarly opposed a $4.8 million cut to its program, calling it "draconian." Senators and Assembly members pressed Commissioner Visnauskas on implementation details, particularly regarding the City of Yes funding's allocation and the mixed-income revolving loan fund's capacity. Sen. Krueger expressed skepticism that the 75-day waiting period would effectively stop institutional investors, noting that private equity firms are more sophisticated than individual homebuyers. Tenant advocates testified in support of the Tenant Opportunity to Purchase Act (TOPA), requesting $250 million annually to enable tenants to collectively purchase buildings. A Hell's Kitchen tenant organizer described his building's decades of neglect and his union's readiness to purchase if funding were available. Senior housing advocates requested $2 million annually for five years to fund resident assistants in affordable senior housing, arguing the program would reduce hospitalizations and nursing home placements while addressing the growing elderly population. The hearing, the 14th and final in the Legislature's budget hearing series, underscored the gap between the scale of New York's housing crisis and the resources proposed to address it, with advocates across sectors calling for significantly increased funding for preservation, rental assistance, and supportive services.

Topic Summary

This joint legislative hearing examined Governor Hochul's 2025-2026 Executive Budget proposals for housing, including $1 billion for New York City's City of Yes program, a mixed-income revolving loan fund, expanded Low-Income Housing Tax Credits, and proposals to address institutional investor purchases of single-family homes. Testimony covered affordable housing preservation, homelessness, supportive housing, and various state and local housing programs.

Testimony (24)

RuthAnne Visnauskas agency_official supportive
Commissioner & CEO, New York State Homes and Community Renewal (HCR)
Commissioner Visnauskas testified on behalf of Governor Hochul's housing budget proposals. She highlighted the state's five-year Housing Plan progress (55,000 units created/preserved toward 100,000 goal), new initiatives including the City of Yes $1 billion commitment, mixed-income revolving loan fund, and proposals to address institutional investor purchases of single-family homes through a 75-day waiting period. She discussed challenges including insurance costs, infrastructure needs, and federal funding uncertainties.
Jolie Milstein advocate supportive
President and CEO, NYS Association for Affordable Housing (NYSAFAH)
Milstein testified on behalf of NYSAFAH, supporting the Governor's housing proposals while requesting additional funding. She advocated for a $150 million affordable housing relief fund for preservation, increased transferability of State Low-Income Housing Tax Credits, $500,000 for a statewide captive insurance feasibility study, and $3 million for smaller not-for-profit projects. She emphasized the need to address preservation of existing affordable housing at risk of being lost.
William J. Simmons advocate supportive
President, NYS Public Housing Authority Directors Association (NYSPHADA)
Simmons testified on behalf of NYSPHADA, requesting $75 million in additional funding for public housing modernization and rehabilitation outside New York City. He highlighted the success of previous funding in helping 30-40 housing authorities pursue modernization projects and noted the critical issue of rising insurance costs affecting public housing authorities, with some seeing 40 percent increases.
Erin Burns-Maine advocate supportive
Senior VP of Policy and Government Affairs, Community Preservation Corporation (CPC)
Burns-Maine testified on behalf of CPC, expressing support for the Governor's housing proposals including the Pro-Housing Communities Program and $1 billion for City of Yes infrastructure. She highlighted CPC's work administering the Climate Friendly Homes Fund ($250 million to electrify 10,000 units) and raised concerns about the financial distress of existing affordable housing, noting that within the former Signature Bank portfolio of 35,000 units, 50-67 percent are experiencing financial or physical distress.
Mark Streb advocate opposed
Executive Director, Neighborhood Preservation Coalition of NYS
Streb testified on behalf of the Neighborhood Preservation Coalition, strongly opposing the Governor's proposed 4.8 million cut to the Neighborhood Preservation Program. He requested $18.8 million in funding (reflecting a 6 percent cost-of-living increase) plus a $350,000 carveout for technical assistance. He emphasized the critical role of NPCs in providing housing counseling, eviction protection, and community services.
Rosalind Black advocate supportive
Citywide Housing Director, Legal Services NYC
Black testified on behalf of Legal Services NYC about the Housing-Public Benefits Initiative, which combines legal representation with public benefits advocacy to prevent evictions. She reported handling over 7,000 cases from October 2023 through 2024, with a 480 percent increase in benefits cases. She requested $10 million in funding (reduced from $4 million in year two) and asked for the overall New York City pool to increase from $10 million to $30 million.
Shakti Robbins-Cubas advocate supportive
Senior Policy Analyst, New York Housing Conference
Robbins-Cubas testified on behalf of the New York Housing Conference, supporting the Governor's $1 billion City of Yes commitment while noting it risks being diluted when spread over five years. She supported proposals for Pro-Housing Communities infrastructure funding, the mixed-income revolving loan fund, and doubling SLIHC. She also advocated for $250 million for the Housing Access Voucher Program and maintained strong funding for existing HCR programs.
Michael Barrett advocate supportive
CEO, Habitat for Humanity of NYS
Barrett testified on behalf of Habitat for Humanity, expressing support for the Governor's fair assessment proposal (ELFA Part K) which would allow local assessors to apply a 25-50 percent discount on property assessments for qualifying families using state housing subsidies. He requested the discount range be increased to 25-75 percent and requested $36 million in funding for the Affordable Housing Corporation.
Bria Donohue advocate supportive
Government Affairs Manager, American Institute of Architects New York
Donohue testified on behalf of the American Institute of Architects, commending the Legislature's housing policy achievements and advocating for a statewide strategy to streamline environmental review, enable transit-oriented development, and eliminate parking mandates. She also requested $10 million to establish financial tools for low-carbon material manufacturers to develop environmental product declarations.
Annemarie Gray advocate supportive
Executive Director, Open New York
Gray testified on behalf of Open New York, a pro-housing nonprofit, arguing that the Executive Budget proposals do not match the urgency of the housing crisis. She advocated for the Faith-Based Affordable Housing Act (projected to create 60,000 homes over a decade) and the Sustainable Affordable Housing and Sprawl Prevention Act. She cited polling showing 74 percent voter support for the Faith-Based Act.
Emily Goldstein advocate supportive
Director of Organizing and Advocacy, Association for Neighborhood and Housing Development (ANHD)
Goldstein testified on behalf of ANHD, requesting $250,000 to continue the Displacement Alert Project and $250 million for a Housing Access and Preservation Initiative (HAPI) to stabilize 100 percent affordable housing buildings. She strongly advocated for funding the Housing Access Voucher Program and urged the Legislature to protect rent stabilization protections.
Rebekah Meyer advocate supportive
Operational Manager, Rochester-Monroe Anti-Poverty Initiative (RMAPI)
Meyer testified on behalf of RMAPI, a community collaborative addressing poverty. She presented data on Rochester's housing crisis, noting that over 3,000 children in Rochester experience homelessness annually, including over 600 under age five. She strongly supported the Housing Access Voucher Program and requested increased shelter allowances and housing navigation services.
Patrick Boyle advocate supportive
Senior Director, Enterprise Community Partners
Boyle testified on behalf of Enterprise Community Partners, a national nonprofit supporting community development. He emphasized the need to address homelessness and housing stability alongside supply issues. He advocated for the Housing Access Voucher Program, $47 million for housing navigation services, $50 million for the Shelter Arrears Eviction Forestallment program, and $7 million for HCR's Fair Housing Testing Program.
Rashida Taylor advocate supportive
Project Manager, Interfaith Affordable Housing Collaborative
Taylor testified on behalf of the Interfaith Affordable Housing Collaborative, a statewide organization helping faith-based organizations develop affordable housing. She noted that homelessness increased 53 percent from January 2023 to January 2024. She supported policies promoting rapid rehousing, expanded supportive housing, the Housing Access Voucher Program, and the Faith-Based Affordable Housing Act.
Michael Borges advocate opposed
Executive Director, Rural Housing Coalition of New York
Borges testified on behalf of the Rural Housing Coalition, opposing cuts to rural housing programs in the Executive Budget. He reported that a joint survey with the Association of Towns identified lack of infrastructure, insufficient local capacity, and lack of state funding as the three main obstacles to building housing in rural areas. He requested restoration of funding for the USDA 515 program, Small Rental Development Initiative, and Rural Preservation Program.
April Ramadhan advocate opposed
Director, New York State Rural Advocates
Ramadhan testified on behalf of New York State Rural Advocates, opposing the Governor's proposed 30 percent funding cut to the Rural Preservation Program. She advocated for $8.6 million in funding to provide cost-of-living increases and highlighted the work of Rural Preservation Companies in undertaking 204 infrastructure projects and rehabilitating thousands of homes in the past year.
Chris Mann advocate supportive
AVP, Policy and Advocacy, Win
Mann testified on behalf of Win, the largest provider of shelter and supportive housing in New York City for families. He reported that Win operates 16 shelters and nearly 500 units of permanent supportive housing serving over 7,000 people nightly, including 3,800 children. He strongly advocated for the Housing Access Voucher Program, noting that a $250 million investment would provide nearly 13,000 households with vouchers and could save the state up to $1 billion over five years.
Eustacia Smith advocate supportive
Director, West Side Federation for Senior and Supportive Housing
Smith testified on behalf of West Side Federation for Senior and Supportive Housing, advocating for funding the Affordable Independent Senior Housing Resident Assistant Program. She argued that resident assistants help seniors navigate complex government programs and address social isolation, with data showing the program reduces hospitalizations and nursing facility reliance. She requested $2 million per year over five years.
Annalyse Komoroske Denio advocate supportive
Housing policy analyst, LeadingAge New York (on behalf of Selfhelp Community Services)
Denio testified on behalf of Selfhelp Community Services, a provider of affordable housing and services to 25,000 individuals in the Greater New York City area. She advocated for the Affordable Independent Senior Housing Resident Assistant Program and requested $10 million over five years ($2 million per year) to bring resident assistants into every affordable senior housing building statewide.
Bebhinn Francis public supportive
Organizer, National Union of the Homeless, Albany Chapter
Francis testified as an organizer with the National Union of the Homeless and a person with lived experience of homelessness. She described her 19-month homelessness crisis from 2021-2024 and the health impacts she experienced. She strongly advocated for the Housing Access Voucher Program as a critical safety net and noted that Albany city and county saw a 38 percent increase in homelessness between 2022 and 2024.
Tracie Adams public supportive
Leader, VOCAL-NY
Adams testified as a person with lived experience of homelessness and HIV-positive status. She described barriers to housing including criminal record discrimination and application fees. She strongly advocated for the Housing Access Voucher Program, noting that it would help people like her who don't qualify for Section 8 due to criminal history or immigration status.
Chelsea Diaz advocate supportive
Skadden Fellow, New Economy Project
Diaz testified on behalf of New Economy Project, advocating for passage and funding of the Tenant Opportunity to Purchase Act (TOPA) at $250 million annually for four years. She highlighted TOPA's success in other jurisdictions (D.C. since 1980, San Francisco since 2019) and argued it would combat real estate speculation and give tenants pathways to building ownership.
Jared Young public supportive
Community Organizer, Housing Conservation Coordinators (HCC)
Young testified as a tenant organizer and resident of a Hell's Kitchen building owned by a private equity firm. He described decades of neglect and abuse by his landlord and his tenant union's efforts to purchase the building. He strongly advocated for TOPA, describing it as a pathway to 'housing freedom' and tenant control.
Julian Morales advocate supportive
Organizing and Advocacy Manager, Fifth Avenue Committee
Morales testified on behalf of Fifth Avenue Committee, a community development corporation serving 7,000 low- and moderate-income New Yorkers annually for 47 years. He advocated for passage and funding of TOPA at $250 million annually, adequate funding for the Neighborhood Preservation Program at $18.8 million, and support for ANHD's Housing Access and Preservation Initiative.

Senator Engagement (9)

Senator Engagement Stance Focus Areas Summary
Sen. Brian Kavanagh supportive City of Yes funding and allocation Mixed-income revolving loan fund Lead abatement program Public housing capital funding Infill housing and V-RIP programs Small rental housing development Affordable housing preservation and distress Captive insurance solutions TOPA and tenant opportunity to purchase Embodied carbon in construction Sen. Kavanagh was highly engaged, asking substantive questions about program implementation, funding mechanisms, and capacity. He demonstrated deep knowledge of housing programs and asked follow-up questions about specific initiatives. He expressed support for TOPA and other tenant-focused policies and worked to understand the practical implementation of various proposals.
Sen. Cordell Cleare supportive State-owned land affordability Senior housing and waiting lists Tenant Protective Unit (TPU) proactive enforcement Project 145 affordability concerns Sen. Cleare asked questions focused on ensuring deep affordability in state-owned land projects and addressing the senior housing crisis. He expressed concern about gentrification and the need to preserve affordable housing for existing communities.
Sen. Liz Krueger supportive Supportive housing funding and progress Senior housing and aging in place Private equity purchases of single-family homes Electrification and energy efficiency in housing Land lease crisis in co-ops Rent stabilization and illegal deregulation Gas to electric transitions in buildings Sen. Krueger demonstrated strong engagement throughout the hearing, asking detailed questions about supportive housing progress, senior housing needs, and concerns about private equity purchases. She expressed skepticism about whether the 75-day waiting period would be effective and advocated for her own bill to tax institutional investors. She also highlighted successful electrification models and pushed for more aggressive action on housing.
Sen. Mark Walczyk skeptical Institutional investor purchases of single-family homes Definition of algorithmic devices in ELFA Part H Insurance rate increases and rent stabilization Good-cause eviction impacts City of Yes program unit projections Housing shortage metrics Sen. Walczyk asked pointed questions about the institutional investor proposal, questioning the definition of 'algorithmic device' and whether the 75-day waiting period would be effective. He also raised concerns about insurance costs and good-cause eviction impacts on small landlords.
Sen. Pamela Helming skeptical Pro-Housing Communities and electric capacity Upstate public housing authorities funding Veterans homelessness Transparency and accountability in housing programs Sen. Helming raised concerns about infrastructure barriers to housing development in upstate communities, particularly electric capacity. She questioned why New York has the highest homelessness rates despite significant housing spending and called for more transparency and accountability in housing programs.
Sen. Rachel May supportive Mixed-income revolving loan fund capacity Affordable housing preservation and 4 percent tax credits Modular housing Faith-based affordable housing Sustainable affordable infill housing Single-stair building code changes Rural homelessness Child homelessness in Central New York Sanctions relief Sen. May asked questions focused on upstate housing needs and homelessness. She expressed strong support for the revolving loan fund and faith-based housing proposals. She highlighted the rising homelessness crisis in Central New York and advocated for sanctions relief, demonstrating concern for vulnerable populations.
Sen. Robert Jackson supportive HCR and HPD working relationship MCI (major capital improvement) applications and appeals Amalgamated Housing in the Bronx City of Yes funding for Mitchell-Lamas Sen. Jackson asked focused questions about specific housing issues in his district, particularly regarding Amalgamated Housing and the relationship between HCR and HPD. He expressed concern about the financial stability of Mitchell-Lama buildings and whether City of Yes funding could help them.
Sen. Shelley Mayer supportive Co-ops and condos as affordable homeownership Affordable housing set-asides in suburbs Resilient and Ready program for co-ops and condos Sen. Mayer asked about co-ops and condos as affordable housing solutions and expressed concern that certain programs don't include these housing types. She advocated for expanding programs to serve co-op and condo residents.
Sen. Tom O'Mara skeptical City of Yes program vagueness and detail Sustainable Futures Program funding Upstate energy capacity and housing development Sen. O'Mara expressed concern about the lack of detail in the City of Yes program and other large budget allocations. He called for more specific spending plans and highlighted upstate concerns about energy capacity for housing development.