Statement attributable to Tom Wright, President and CEO of Regional Plan Association (RPA).
At a time of heightened political tensions and deep uncertainty, the New York State Budget finalized today achieves several important goals.
On Transit
Thanks to the dedication and determination of Governor Hochul, the region’s riders will be able to rely on the vital infrastructure investments secured in this year’s New York State budget that will make taking transit more reliable, comfortable, safe, and accessible. Her budget found a way to fully fund the MTA’s 2025-2029 $68 billion dollar Capital Plan – no easy feat. To fund it, the budget takes a balanced, equitable approach to provide dedicated funding by increasing the Payroll Mobility Tax (PMT) regionally on businesses with payrolls over $10 million. Smaller businesses will see no PMT change or will see their PMT cut in half.
While there are still serious concerns over threats to transportation funding, including attempts to roll back congestion pricing, we congratulate Governor Hochul, Speaker Heastie, and all those in Albany who came through to deliver a budget for New Yorkers that will shore up infrastructure and grow the economy we all depend on.
On Housing
The newly signed budget continues efforts to fund housing supply solutions across the state. Technical assistance and an additional $100 million for pro-housing communities to address infrastructure needs will encourage more communities to participate. The state’s first mixed-income revolving loan fund will incentivize mixed-income rental projects outside of New York City and help bridge construction financing gaps. The budget also supports New Yorkers who dream of owning their own home by providing $50 million in capital funding to encourage the creation of more starter homes and creating an affordable homebuyer property tax incentive. Moreover, to provide support for families facing housing insecurity in New York City, the state has committed $50 million for the Housing Access Voucher Program pilot.
These efforts are important steps to address the affordability crisis and build hundreds of thousands of units of housing across the state. But more must be done to make sure all communities are doing their part to solve our housing crisis. We encourage the Governor and legislature to approve the Faith-Based Affordable Housing Act, the Sustainable Affordable Housing and Sprawl Prevention Act, and other bills that will unlock and streamline affordable housing projects in places where we need them most.
On Energy and the Environment
And as climate and environmental programs are under attack nationally, the State Budget doubles down on environmental protection and climate action. With a historic $425 million allocation to the Environmental Protection Fund and $500 million dedicated to clean water projects, New York State is investing in the natural systems that support us. A $1 billion allocation for the “Sustainable Future Program” will help to advance building decarbonization, renewable energy, zero-emissions vehicles, and energy efficiency.
RPA thanks Governor Hochul, Senate Majority Leader Andrea Stewart-Cousins, Assembly Speaker Carl Heastie, Senate Environmental Conservation Committee Chair Pete Harckham, Assembly Environmental Conservation Committee Chair Deborah Glick, and other members of the Senate and Assembly who made these critical environmental appropriations during this year’s state budget process, and urges continued progress on NY HEAT, Cap and Invest, and other policies to help New York reduce emissions, transition to renewable energy sources, and combat climate change.
