In the midst of a housing crisis, Albany lawmakers have floated changes to a key state subsidy for rent stabilized apartments that could stop the construction of thousands of badly needed units, Th…
Albany lawmakers have floated changes to a key state subsidy for rent-stabilized apartments that could stop the building of thousands of badly needed units amid New York’s housing crisis, The Post has learned.proposed by the state Senate during recent budget negotiations would bar any building facing legal challenges from qualifying, according to interviews and a memorandum seen by The Post.
In an interview, Kavanaugh declined to discuss what new regulations he’d support imposing on the subsidy, but denied he was targeting any specific project, including the Seaport tower planned for 250 Water Street. It expired in 2022 after years of complaints from Albany progressives who branded it as a developer giveaway since builders were allowed in several circumstances to include units priced at market rates provided future rent hikes were capped. in the pipeline before 421a expired should be able to join the program — a proposal known as an extender.
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