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Albany Mayor Dorcey Applyrs and the Common Council have reached a compromise on the city's affordable housing requirements. Announced Tuesday (February 24) at City Hall, the new plan reduces the required percentage of affordable units in new developments from 13% to 5%. Developers can also opt out of building affordable units by paying $50,000 per unit into a housing trust fund.
The changes, which roll back the city's inclusionary zoning law to 2017 levels, come as Albany prepares to receive significant state investment under Governor Kathy Hochul's Championing Albany’s Potential initiative. The funds are aimed at revitalizing the downtown area, and the new zoning rules are intended to align with this effort. Mayor Applyrs emphasized that the amendments are the result of "weeks of intentional, hard discussions and research."
Albany Common Council Majority Leader Alfredo Balarin acknowledged that not everyone will be satisfied with the compromise. He stated, "I hope that they can have peace with the fact that these proposals reflect the reality that we’re facing while remaining committed to creating more affordable units in our city." The proposal also raises the income threshold for qualifying for affordable units to 70% of the area median income, approximately $60,000.
The funds collected from developers opting out of building affordable units will be managed by the Albany Community Development Agency. The money will support tenant-related assistance programs and homeowners assistance programs, with guidance from a 10-member advisory board.
While some developers, like Redburn Development Principal Jeff Buell, praised the changes, others, such as Canyon Ryan, Executive Director of United Tenants of Albany, expressed disappointment. Ryan noted that the city is under pressure from the state to adjust its inclusionary zoning to maximize the impact of state funding.
The new legislation will be discussed at the Common Council's meeting on March 5. The changes aim to address Albany's housing crisis by increasing the supply of housing across all types, from affordable to luxury.