NY Builders Provide Legislative Solutions to Support First-Time Buyers
In many communities in New York, the cost of new construction or rehabilitation often exceeds the potential sale price, making development financially unfeasible. During a recent high-profile panel discussion, leaders from the New York State Builders Association (NYSBA) reinforced the home building industry’s commitment to providing solutions to help spur development, which ultimately lowers the cost of housing.
The association accepted an invitation from New York State Senator Jeremy Cooney and New York State Assembly member and Caucus Chair Michaelle Solages to participate in the 54th Annual Legislative Conference in the state capitol, hosted by the New York State Association of Black, Puerto Rican, Hispanic, and Asian Legislators. The caucus is the largest in the New York State Legislature.
NYSBA Board Member Jabari Bell, Executive Director Mike Fazio, and Moderator Kirk Goodrich, president of Monadnock Development, shared their insights during an “Advancing Homeownership Opportunities” panel discussion that focused on the challenges facing the industry that hinder access to homeownership, especially for first-time buyers and the minority community.
“Without targeted economic interventions, land use reforms, and public investment in home building, this shortage will continue, exacerbating disparities and creating additional barriers to African American homeownership,” said Mike Fazio. “Homeownership is a critical pathway to building wealth, yet many aspiring home owners continue to face systemic challenges, especially in communities of color.”
The panelists shared that one of the most significant barriers to homeownership is the lack of available entry-level homes in New York. The supply shortage is particularly acute for lower-priced homes that would be affordable to first-time buyers. Policy and regulatory barriers make the construction of starter homes challenging and less economically viable for New York builders. The conversation reinforced the urgent need for policy changes, financial incentives, and community-driven solutions to expand access to homeownership.
“By addressing these barriers head-on,” said Fazio. “We can help create more equitable opportunities for first-time home buyers and ensure that homeownership remains an attainable dream for all.”