As state lawmakers and Gov. Hochul (D-NY) continue negotiating over a more than two-week late state budget, one Syracuse area lawmaker is lobbying for more funds for housing.
State Sen. Rachel May (D-48th District) is a fan of a plan that’s already in the budget, to create a fund of $50 million that will make it easier for upstate New Yorkers to build new homes.
"This would be a new process for the state to create a revolving fund at low rates,” May said. “People could borrow from that, build and then pay it back and then it could be loaned out again. It's a very effective model."
May believes a plan like this could go a long way towards easing a statewide housing shortage. And she’s suggesting boosting the fund to $200 million, and splitting it between Upstate and New York City.
"But honestly, given what's happened in the last two weeks, the whole state of how people can finance something like building construction has changed. And I think if the state can take the lead and actually provide more than that, more than that $50 million, that would be a really smart move at this historical moment. "
May believes a plan like this multiplies the opportunities for building, so the more cash in the fund, the better.
