SPOTLIGHT ON: Greg and Julie Tsougranis
They first met in 2009 at the landmark Russian Samovar Restaurant in Manhattan, and six months later they were married.
Gov. Hochul said the current limit of $10,000 on state and local taxes in New York State costs New Yorkers up to $12 billion a year.
ALBANY—Gov. Kathy Hochul in her 2026 Executive Budget message on Tuesday (Jan. 21) continued her push for the construction of new housing to address the housing shortage crisis, while also calling for $5 billion in various rebates and incentives to be “put back into the pockets of New Yorkers.”
While the governor and the State Legislature must now hold discussions on the $252-billion budget and changes are expected in some key areas, the additional funding for housing construction and other policy changes geared at addressing housing costs were sure to be welcomed by real estate and housing advocacy organizations.
While Congress is expected to debate a full or partial repeal of the SALT deduction, Gov. Hochul was unequivocal in her budget address, telling New York Congressional representatives, “Full repeal or no deal. Let me repeat. Full repeal or no deal.” Gov. Hochul said the current limit of $10,000 on state and local taxes in New York State costs New Yorkers up to $12 billion a year.
In her attempt to foster her affordability agenda, the governor has proposed $5 billion to be put back into the pockets of New Yorkers. The plan includes: $3 billion to provide Inflation Refund checks to 8.6 million New Yorkers, including $500 for joint filers making less than $300,000 and $300 for single filers making less than $150,000; $1 billion in middle-class tax cuts across five of the state’s nine tax brackets, cutting rates to their lowest level in nearly 70 years for New Yorkers who file jointly and earn up to $323,000 annually; $825 million to expand the Child Tax Credit over two years, giving eligible parents $1,000 for kids under 4-years-old and $500 for kids ages 4-16 and $340 million to provide free school breakfast and free school lunch for every student in New York.
In addressing the housing shortage, Gov. Hochul said, “Costs will never come down if we don’t increase supply. That’s why we must build, build, and build some more.”
Governor Hochul is proposing the following funding measures to increase the housing supply with:
In her budget address, she proposed the following economic development initiatives:
The following are other highlights of the governor’s 2026 Executive Budget proposals of interest to the construction industry:
The budget includes $25 million for planning and design of improvements to Hudson Valley rail service, working to shave as much as 15 minutes of commute times for certain trips. A total of $344 million is earmarked for Upstate transit systems and $588 million for non-MTA Downstate transit systems.
In what has been described as the largest climate investment in New York State’s history, the governor’s 2026 Executive Budget calls for:
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