Tax & Budget

What to Expect in the Budget: Housing Policy

The fiscal year 2026 budget cycle is upon us and “affordability” is taking center stage. The mandate to address the rapidly rising cost-of-living in New York has never been more urgent, with consumer prices up about 20 percent since 2020. The cost of housing, in particular, has skyrocketed in the years since the Covid-19 pandemic, with home prices up over 50 percent—making housing costs the number one priority for addressing affordability in New York.

2025-01-20T11:38:33-05:00January 20th, 2025|State Budget|

What to Expect in the Budget: Healthcare

Healthcare didn’t take center stage in Governor Hochul’s State of the State address this week, but that doesn’t mean it won’t be central to New York politics this session. After all, rising healthcare costs are a key component of the affordability crisis squeezing New Yorkers, with premiums for individual and small-group health insurance set to increase by 12.7 percent this year.

2025-01-19T10:55:58-05:00January 19th, 2025|Healthcare, State Budget|

Governor Hochul’s Affordability Policy Report Card

Governor Hochul’s State of the State address made clear that “affordability” is her top priority this session. As part of her agenda, Governor Hochul and her team have put forward a set of policies intended to “put money back in New Yorkers’ pockets.”  The four major proposals include a tax cut, an “inflation rebate payment,” an expansion of the child tax credit, and fully funding free school lunches for all public-school students in the State.

2025-01-18T11:20:10-05:00January 18th, 2025|Housing, State Budget|

FPI Testimony on “City of Yes”

My name is Emily Eisner, and I am an Economist working with the Fiscal Policy Institute. I am testifying in support of the “City of Yes” plan. The City must pass the zoning reforms included in City of Yes, and, in addition, the City must increase investment in housing affordability through expanded fiscal measures. These two sets of policies — zoning reform to allow for increased supply, and fiscal support for housing affordability — work together.

2024-12-26T16:42:25-05:00October 22nd, 2024|City Budget, Housing, Social Policy|

Fact Sheet: Climate Change Superfund Act

Last month, both the Senate and Assembly of the New York State legislature passed the Climate Change Superfund Act (S.02129). The Act, first introduced during the FY 2022 budget cycle, would require the largest fossil fuel companies to pay a total of $75 billion — to be paid over 25 years in $3 billion annual increments — to New York State.

2024-12-19T23:57:52-05:00July 24th, 2024|Climate, Fact Sheets, Social Policy, Tax & Budget, Tax Policy|

Statement on First Quarterly Update to FY 2025 Budget

The First Quarterly Update to the State’s financial plan indicates the State remains on strong fiscal footing, with modestly higher revenue than projected in the Enacted Budget financial plan and lower spending than expected. Measured as a share of total state personal income, State spending is set to fall, and is on par with its fiscal year 2016 level.

Enacted Budget Financial Plan Shows Healthy Fiscal Outlook

The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.

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