Housing focus (photo: Ed Reed/Mayoral Photography Office)

Affordable housing construction in New York has declined significantly in the last few years in the wake of COVID-19 through a combination of factors including higher interest rates, inflation and supply chain instability resulting from the overall disruption of the pandemic. But a key factor that real estate developers, city and state government officials, and many housing advocates cite is the expiration of the state’s 421-a property tax exemption for the construction of affordable housing as part of larger rental housing developments.

Advocates outside Gov. Cuomo's office Wednesday (photo via Coalition for the Homeless)

Housing advocates have done a job shirked by Gov. Andrew Cuomo and legislative leaders this session and crafted a plan for how the state should spend $1.9 billion on affordable and supportive housing over the next five years.

The governor and Legislature agreed to dedicate $1.9 billion in the April 1 budget, but negotiations on how to