New York Gov. Kathy Hochul has announced a preliminary budget agreement with lawmakers, allocating over $200 billion to various areas including housing affordability, addressing the migrant crisis, and combating retail theft. Here’s what you need to know about the key aspects of this budget deal:

Housing Deal

Hochul’s proposed housing deal includes measures aimed at both incentivizing new construction and protecting tenants. Some highlights of the plan include:

• Tax Breaks for Developers: The agreement includes a new tax break designed to encourage developers to build more housing.
• Tenant Protections: There are plans to implement tenant protections to make it more difficult to raise rents and evict tenants in certain situations.
• Utilization of Commercial Properties: Additionally, the plan involves utilizing commercial properties and state lands for residential housing.

Migrant Crisis

With New York City’s homeless shelters overwhelmed by migrants, the budget sets aside $2.4 billion to address this issue. Hochul’s proposal includes providing short-term shelter services, legal assistance, and other forms of support.

Crackdown on Unlicensed Marijuana Storefronts

Another significant aspect of the budget deal is the strategy to combat unlicensed marijuana storefronts. Hochul aims to make it easier for local authorities to close these illegal establishments, which have proliferated since the legalization of recreational weed sales in the state.

The announcement of this preliminary budget agreement comes after a series of negotiations between Hochul and leaders of the state Senate and Assembly. While the specifics of the spending plan are still being worked out, this development marks a significant step toward finalizing New York’s budget for the upcoming fiscal year.

According to Hochul, the agreement represents the parameters of a conceptual agreement and will require approval from both the Senate and Assembly before it can become law. Despite the governor’s optimism, some lawmakers, such as state Sen. Liz Krueger, have expressed surprise at the announcement, indicating that there is still work to be done before the budget is finalized.

In conclusion, New York’s preliminary budget deal reflects a concerted effort to address pressing issues such as housing affordability, the migrant crisis, and the proliferation of unlicensed marijuana storefronts. As negotiations continue, stakeholders will be closely watching to see how these proposals are refined and ultimately implemented.

MAYSOON KHAN and ANTHONY IZAGUIRRE, with the The Local News App, contributed to this report.

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