Assembly and Senate Release One-House Budgets

Last Tuesday, the New York State Assembly and Senate released their one-house budgets, outlining their priorities for the Fiscal Year 2025 (FY25) budget. Both houses proposed raising taxes for high individual earners and the corporate tax rate, though the Governor declined to raise taxes in her own proposal. The Assembly and Senate are both prioritizing housing, with the Senate including a proposal for a new public benefits corporation to build affordable housing on state land, and stated they are “open to further discussing” the creation of a tax exemption for new multi-family construction in NYC, so long as it includes deeper affordability requirements. Both houses matched the Governor’s proposed funding of $2.4B in asylum seeker funding for NYC. Now that the legislature has released its one-house budgets, negotiations will begin between the Governor’s team, Assembly, and Senate. The final budget is due on April 1.

Speaker Adams Delivers State of the City Address

Last Wednesday, Speaker Adams delivered her annual State of the City address. Mayor Adams, Comptroller Lander, Attorney General James, and all five Borough Presidents were all in attendance, along with several members of the City Council. Speaker Adams focused on affordable housing, mental health support for youth, maternal health disparities, education programs, the city’s workforce, and challenges faced by older adults. While speaking at the Brooklyn Academy of Music, Speaker Adams also stressed the importance of supporting arts and cultural institutions throughout the City. She also described new proposals that the Council will soon introduce, including a Council evaluation of the city agencies’ performance, legislation requiring the city DOT to maintain a capital projects tracker on a monthly basis, and a program focused on fourth trimester mental health issues. The Speaker’s 2024 State of the City Report is available here.