Weekly Report

Weekly Report for February 8, 2019

State faces unexpected $2.3 billion shortfall
New York state is facing an unexpected $2.3 billion projected shortfall in revenues for the remainder of this fiscal year ending March 31. This is the most significant shortfall in eight years, primarily due to a sharp drop in income tax collections for December and January. Governor Cuomo attributed this to the recent federal cap in SALT deductions. This shortfall will likely have a significant impact on tax and spending plans in a final budget which is due April 1, 2019. Read more here. Similar unexpected declines in income tax revenue also appeared in New York City budget office projections. 

Gov. Cuomo proposes rent reforms in his budget proposal
Governor Andrew Cuomo included in his 2020 Executive Budget proposal three housing reform measures which include legislation to prohibit discrimination against tenants based on source of income, limiting security deposits to a maximum of one-month's rent across the state, and preventing potential tenants with poor credit from being automatically turned away by operators of state-funded housing. Read more here

Legislature holds budget hearing on housing issues
On February 4, NYSAR staff attended the State Senate and Assembly joint legislative public hearing on the 2019-2020 Executive Budget proposal on housing. Discussions primarily revolved around New York City housing funding and new rent regulation proposals. Ranking member of the Senate Finance Committee Senator James Seward (R-Oneonta) encouraged the NYS Homes and Community Renewal to complete its study of the NYSAR-supported NY first-time home buyer savings account program. Gov. Cuomo directed the agency in December 2018 to study the feasibility of enacting the program.

View Government Affairs Update archives

Featured Content
Government Affairs