A new report analyzing New York Gov. Kathy Hochul’s 2022 plan to build or preserve 100,000 units of affordable housing over a five-year period has determined the endeavor is falling short of its goal.
Hochul allocated $25 billion in state investments to this initiative, which ends in 2027. According to an analysis by City & State New York of data current through June 30, there is only more 350 projects that are either completed or currently under construction, totaling slightly over 38,000 units.
But roughly 180 projects are listed as “under construction.” When new homeownership opportunities also included in the count, the total number of units becomes approximately 47,000 – which is considerably below the 60,000 units forecasted by the HCR to have completed by the end of the plan’s third year.
Furthermore, the distribution of new affordable housing is unevenly spread across the state, with most of the new construction and housing preservation taking place in New York City with 19,000 units. Outside of the city, Mid-Hudson Valley region had roughly 4,100 homes within the five-year plan and the upstate Finger Lakes Region had nearly 4,300 affordable housing units.
