Things We Are Thankful For: New York Affordable Housing Edition

As Thanksgiving nears, it’s a good moment to pause and reflect on the many things we’re grateful for. While we do so, it’s also appropriate to consider the numerous reasons to be thankful in New York’s housing scene. 

Thankful for innovation in affordable housing

When it comes to affordable housing, our state faces unique bureaucratic hurdles, financial challenges and rising development costs. To build and preserve affordable housing in today’s environment, developers need to get creative. However, we also recognize that, despite these obstacles, many industry innovators are still delivering high-quality, affordable homes. This achievement is worth celebrating. 

In New York City, for instance, projects like Gotham Point are setting a new standard for affordable multigenerational housing. This mixed-income residential community includes 1,132 residences and a 98-unit senior wing. Combined, 75 percent of these units are priced at affordable rates. These kinds of projects elevate neighborhoods, providing much-needed housing while enhancing the community’s fabric. 

Upstate, Village Grove in Trumansburg demonstrates the overlap between sustainability and affordability. As one of the state’s first affordable housing communities to earn both Passive House and net-zero certifications, Village Grove combines affordability with energy efficiency, cutting energy use by up to 80 percent. This project aligns with Ithaca’s Green New Deal and acts as a model for how smaller upstate communities can simultaneously achieve climate and housing equity goals. 

Thankful for our leaders in Albany and across the state

This year, we have also seen leaders in Albany and cities across the state take housing affordability seriously, and we appreciate their focus on addressing the critical need to build and preserve housing for all New Yorkers.

At the local level, new and reelected mayors in Buffalo, Rochester, Syracuse and New York Cityy have made housing a central part of their platforms. Their campaigns proved successful because they demonstrated commitments to affordability through plans to  build more affordable units, tackle vacant properties and invest in our neighborhoods.

Thankful for smart policies

Despite many challenges, 2025 has been a landmark year for policy successes that promote affordable housing in New York. We are grateful for the successful passage of several important measures that increase affordable housing across the state and enhance the resources available to developments and the organizations that make housing possible. 

Thanks to Gov. Kathy Hochul and state lawmakers, we’ve fully funded the state’s five-year housing plan, maintaining much-needed momentum for long-term housing development, and doubled the annual allocation for the state’s Low-Income Housing Tax Credit program.

Additional policy wins included the expansion of access to historic tax credits for affordable housing projects, the establishment of a new Affordable Housing Relief Fund for New York City, efforts to grant access to insurance captives, and the dedication of essential funding for public housing, affordable housing conversions and adaptive reuse projects. Additionally, the New York City Council passed the City of Yes zoning reforms, and voters adopted pro-housing charter revisions.

These advancements demonstrate the dedication of lawmakers and advocates, and we appreciate their ongoing efforts to create more affordable housing. 

Looking ahead

We have much to be thankful for, but we still have a lot of work ahead. We remain hopeful that we will discover even more creative solutions and collaborations. This momentum, driven by renewed dedication from our leaders, developers and advocates, is paving the way for further progress. 

All of this is thanks to the housing industry, which is always working hard to create a more affordable future for all New Yorkers.  

Carlina Rivera is president and CEO of the New York State Association for Affordable Housing and a former member of the New York City Council from Manhattan.