Governor promotes FY 2024 budget focused on housing, safety, climate

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New York Construction Report staff writer

The FY 2024 state budget is an effort to make New York “more affordable, more livable, and safer” with increased funding for housing, mental health care, public safety, education and climate initiatives.

“With this budget, we are delivering on our promise to make the Empire State a more affordable, more livable, safer place for all New Yorkers,” Governor Kathy Hochul said. “These bold investments will lift up New Yorkers of today — and tomorrow — while maintaining a solid fiscal footing, and I thank my partners in the Legislature for their collaboration throughout this process.”

The plan includes $2.4 billion in new funding for SUNY and CUNY capital projects to upgrade school campus facilities and make strategic investments to support innovation and the growth of both systems.

Also, Hochul said she plans historic investments in rental assistance for the most rent-burdened New Yorkers and residents of public and subsidized housing, funding support and assistance for homeowners, a nation-leading program to combat childhood lead exposure in residential buildings, and the first-ever Upstate Tenant Protection Unit.

Over the past year, Hochul has announced the completion of the Long Island Rail Road’s Third Track project, open the nation’s newest rail terminal at Grand Central Madison, broke ground on the Metro-North Penn Station Access project, and pushed other major projects forward, including the Second Avenue Subway and the Interborough Express.

Transformative investments are planned to combat climate change, promote energy affordability, reduce emissions, and invest in clean air and water, building on more than $30 billion committed to climate action.

The FY 2024 Budget will include:

  • Creation of the financial foundation that is required to support an economy-wide “Cap and Invest” program going forward.
  • $400 million to provide relief to New Yorkers experiencing high electric bills as well as lowering energy burdens through electrifications and retrofits.
  • Requirements for advancing zero emission construction in new buildings and requires NYPA to complete decarbonization action plans for 15 of the highest-emitting state facilities.
  • $500 million in clean water infrastructure funding, bringing New York’s total clean water infrastructure investment to $5 billion since 2017.
  • $400 million for the Environmental Protection Fund.
  • Authorizing Suffolk County to put a ballot referendum to the voters to implement a long-term plan to create a recurring funding source for wastewater infrastructure needs.
  • $200 million for the Office of Parks, Recreation and Historic Preservation to invest in enhancing state parks.

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