Statement from NYS Community Equity Agenda Coalition: Hochul’s Budget Proposal Squanders Historic Opportunity to Invest In Communities

In Response to Governor Hochul’s FY23 Executive Budget the NYS Community Equity Agenda Coalition Released the Following Statement:

“With yesterday’s Executive Budget proposal, Governor Hochul had the opportunity to present a bold community economic development agenda that addresses long-standing racial and economic inequality that the pandemic has exacerbated. Unfortunately, with few exceptions, this budget proposal offers more of the same.

“The Governor’s proposal offers no new funding for New York’s Community Development Financial Institutions (CDFI) Fund. Groups statewide had urged a $100 million appropriation, which would leverage more than $1.2 billion in direct lending and services in low-income communities and communities of color hardest-hit by the pandemic. The proposal also fails to promote local public banks – institutions that give localities a public option for government deposits, enabling them to leverage those dollars to invest in community needs.

“Our coalition was pleased to see support for community land trusts and social housing included in the Governor’s housing plan and budget. However, especially in light of the Governor’s unconscionable decision to allow the state’s eviction moratorium to expire, New Yorkers need to see bolder action to keep communities stable and people housed.

“As the budget process moves forward we strongly urge the Governor and legislature to rise to the moment and prioritize community-led economic recovery and development. They can do this by allocating at least $100 million to the NYS CDFI Fund; passing the NY Public Banking Act; passing the Tenant Opportunity to Purchase Act and Fair Taxation for Community Land Trust Act; and passing Good Cause Eviction.”

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