Warning that New York’s housing market is pushing families out of the state, Long Island State Senator Dean Murray called for sweeping reforms to make homeownership more attainable.
“I stood alongside my Republican Senate colleagues during a press conference to unveil a comprehensive package of housing legislation. This includes legislation to increase the housing supply, lower construction costs, and address homeownership affordability,” Murray said. “There is no doubt that we're facing a housing crisis, and the crisis is centered around affordability. That's why it is imperative that we pass this package of bills aimed at helping to make the American dream affordable to all.”
Murray joined Senate Republican Leader Robert Ortt and members of the Senate Housing Committee in Albany to introduce the proposal, titled “Cut Costs. Build Homes. Keep New Yorkers Here.” Supporters say the package is designed to confront rising home prices, soaring rents and an outmigration trend driven by high living costs.
According to data highlighted at the press conference, the median single-family home price in New York in 2025 reached $586,400: 27% higher than the national average.
In New York City, the average monthly rent climbed to $3,485, about 75% above the national average.
Meanwhile, housing production has lagged behind fast-growing states.
Between 2020 and 2024, New York added 190,000 housing units, compared with 764,000 in Florida and more than 1 million in Texas.
The legislative package focuses on three areas: increasing housing supply, improving homeownership affordability and lowering construction costs. Proposed measures would streamline environmental reviews, establish a local housing initiatives task force and require means testing for rent-controlled apartments.
Additional bills would create a first-time homebuyer property tax credit, freeze property taxes for three years, provide relief for rehabilitating distressed properties and reduce building costs by repealing the All-Electric Building Act and allowing use of the 2020 energy code.