ROCHESTER, N.Y. — Governor Kathy Hochul has announced a new proposal aimed at increasing access to homeownership as part of the state’s 2025 budget. The plan includes measures to discourage large investors, such as hedge funds and private equity firms, from purchasing homes.
Hochul’s proposal introduces a 75-day waiting period for these large investors before they can make offers on homes. Additionally, the plan includes a $100 million investment to support home construction and assist first-time homebuyers with down payments.
“The cost of living is just too damn high — especially when it comes to the sky-high rents and mortgages New Yorkers pay every month,” Governor Hochul said.
The proposal includes:
Provide starter home innovation funding Support first-time homebuyers down payment assistance Create an affordable homebuyer tax incentive Strengthening laws and policies to combat home appraisal discriminationTo learn more about what Gov. Hochul is proposing, click here.
The current landscape of home buying has shifted significantly. According to “Housing Wire,” the median age of homebuyers has risen to 56, up from 49 in 2023. First-time homebuyers now typically start at age 38, an increase of three years from 2023. This is a stark contrast to the 1980s, when first-time homebuyers were often in their late 20s.
The National Association of Home Builders reports that home affordability is at a historic low, while mortgage payments have reached historic highs. Aspiring homeowners are facing challenges as they must rely on higher incomes, yet the highest-paying jobs are often located in cities with the most expensive housing markets.
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New York’s 2025 budget proposal aims to make homeownership more accessible, affordable WHEC.com.
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