Affordable Housing Coalition Urges Governor Hochul to Advance Fair Tax Policies to Address NYC Affordability Crisis

Contact: Tousif Ahsan:  929.229.1074 ext. 108 | tousif@chhayacdc.org;

New York, NY — As New York City faces a deepening affordability crisis, a coalition of organizations including Chhaya Community Development Corporation, East New York Coalition for Community Advancement, East New York Community Land Trust, Lienhard & Grumbach PLLC and Pratt Center for Community Development are calling on Governor Kathy Hochul to ensure the wealthiest New Yorkers pay their fair share of taxes in order to fund a just and equitable budget for New York City.

With the rising costs of housing, food, childcare, and other basic necessities, New Yorkers across the five boroughs are struggling to make ends meet. The coalition emphasizes that this year’s New York City budget must prioritize investments in programs and services that improve affordability and stabilize vulnerable communities.

In a joint letter, the coalition urged Governor Hochul to collaborate with city leaders to secure new revenue streams that do not rely on increasing taxes on working-class homeowners.

“Our members see firsthand how the current affordability crisis is impacting homeowners,” says Annetta Seecharran, the Executive Director of Chhaya CDC. “Any additional tax burden under the existing regressive property tax structure will only deepen inequities and threaten housing stability in low- to middle-income communities. The city must expand services to deliver affordability, and the state must raise new revenue by making the wealthiest pay their fair share.”

“Homeowners — especially in working class communities of color like East New York and Ocean Hill-Brownsville where home prices have skyrocketed — are suffering a crisis of affordability that threatens to displace existing homeowners and increasingly puts homeownership out of reach. It doesn’t have to be this way. Fairly taxing New York’s wealthiest will lessen the burden on struggling and aspiring homeowners by funding programs that preserve homeownership and create new opportunities for those that have been locked out of it.” says Jakob Kendall Schneider Senior Program Manager of Research and Policy at East New York Community Land Trust.

“The East NY Coalition for Community Advancement believes that the deficit in New York City’s budget should not be balanced through raising property taxes on working-class Black and Brown homeowners.  Our communities are already struggling with the highest property tax burdens in Brooklyn – we cannot afford additional financial strain.

Instead, we support legislation to raise revenue from the top 5% of earners and large corporations, which will allow them to pay their fair share in taxes. This is a fiscally responsible path forward that achieves economic justice for working families.

Our residents rely on essential public services like education, healthcare and infrastructure. Funding these priorities through progressive taxation is the right thing to do – it protects vulnerable communities while maintaining fiscal discipline. We call on our elected officials to make this a reality.” says The East New York Coalition for Community Advancement.

The coalition also expressed concern over potential cuts to essential services, stressing that such reductions would further harm communities already facing economic hardship. While supporting efforts to improve government efficiency, they firmly oppose any rollback of critical programs that residents depend on.

To address the budget gap and invest in long-term affordability solutions, the coalition is advocating for the passage of two key state-level tax reforms:

• Progressive State Income Tax Bill (S.1622 / A.1281): This legislation would establish 10 new tax brackets targeting the top 5% of earners, generating an estimated $21 billion annually.

• Corporate Tax Reform Bill (S.953 / A.1971): This measure would ensure that corporations earning over $2.5 million in profits contribute a fairer share, generating approximately $7 billion annually while maintaining regional competitiveness.

According to the coalition, these measures would not only help close New York City’s budget gap but also enable critical investments in housing stability and affordability initiatives. These include foreclosure prevention, deed theft intervention, and the expansion of social housing models such as Community Land Trusts.

“These proposals represent a path toward a more just and sustainable New York,” the statement continued. “They will help preserve and expand homeownership opportunities—especially in communities of color—and ensure that those most able to contribute are paying their fair share.”