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New York legislators recently approved a $237 billion budget, focusing on housing initiatives and tackling unlicensed marijuana stores, reported NBC News 4 New York.
The budget includes a revived tax incentive for developers to allocate some new housing units at below-market rates. The plan also sets wage standards for workers on these projects but has faced criticism for favoring developers.
The budget addresses the issue of unauthorized cannabis shops in New York City by granting local authorities more power to close these operations promptly. It also allocates $2.4 billion to support an influx of international migrants, covering housing, legal, and healthcare services, amid debates about the allocation’s impact on local resources.
Additionally, the budget expedites the closure of up to five state prisons, continuing the state’s trend of reducing prison facilities due to a declining inmate population. Other provisions include extending the sale of takeout cocktails, allowing movie theaters to sell hard liquor, and implementing measures for paid pregnancy leave and reduced speed limits in New York City.
Following the passage of the budget, Governor Hochul released a statement, saying “In my State of the State, I promised New Yorkers we’d fight to build more housing, improve education and protect public safety — and that’s exactly what our budget is going to do.”
The budget was finalized three weeks past its April 1 deadline following a cyberattack that disrupted the state office responsible for drafting legislative bills.
Announcement from Governor Kathy Hochul’s Office: “Governor Hochul Announces Historic Investments of FY 2025 New York State Budget”
Announcement from the New York State Senate: “Senate Passes 2024-25 Budget Addressing Critical Priorities for New Yorkers & Enacting Key Majority Proposals”
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