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.
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.
The governor's policy agenda lacks a strategy for structural reforms to lower the cost of living
With revenue higher than projections by 2.7 percent, and spending below projections by 1.7 percent, the State is on track to have a surplus in the current fiscal year.
Public school funding is allocated to local school districts based on formulas specified in state law, primarily through a formula known as Foundation Aid. This brief explains the State’s rules that govern public school funding.
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
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.
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
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.
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
The housing deal currently under consideration in budget negotiations (as publicly reported) would create new tax incentives for affordable housing developers, weaken certain tenant protections passed in 2019, and impose a watered-down version of “Good Cause Eviction” with significant exemptions and loopholes.
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
FPI's analysis of the legislative and executive budget proposals for fiscal year 2025.