Gov. Kathy Hochul announced at a press conference on Monday the "parameters of a conceptual agreement" with legislative leaders on housing initiatives that will be included in the $237B state budget, which is expected to come to a vote by the end of the week.

However, while Hochul called the broad outlines—and few specifics—she revealed on Monday a "landmark" agreement, several state legislators cautioned that the package is still being negotiated and some elements could change.

The governor said the deal includes a replacement for the 421a tax break on affordable housing, to be known as 485x, as well an extension by six years of the deadline to finish projects started under 421a, which expired in 2022.

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