On Tuesday, November 3, New Yorkers will vote for state and federal representatives and on several local proposals. One of the most consequential races is the contest for New York State governor, which pits incumbent Governor Kathy Hochul against Republican challenger Bruce Blakeman, Nassau County’s Executive. Depending on the outcome, the election could reshape NYC housing initiatives over the next four years. This article explores what is at stake and what could change if Blakeman unseats Governor Hochul.
Local Law 97
For co-op and condo owners, Local Law 97 continues to raise concerns, primarily due to the costs it is expected to add to residential buildings already struggling to meet escalating facade repair, energy, labor, and insurance expenses. It requires most New York City buildings larger than 25,000 square feet to meet strict greenhouse gas emissions limits, though they won’t come into full effect until 2030.
Depending on a building’s existing equipment and energy use, compliance may require substantial upgrades, including investments in new heating systems. For individual owners, these projects will likely result in higher maintenance fees and hefty assessments over the coming decade.
In a campaign that has generally offered few concrete proposals, Local Law 97 is one of the few laws that Blakeman has directly addressed. In a July interview with podcast The Co-op and Condo Insider, he pledged to end Local Law 97 mandates for co-ops and condos and suggested using state funding to pressure the city to change its policies. However, a significant obstacle remains: Local Law 97 is a city law. As governor, Blakeman could push for changes, but he could not simply repeal it on his own. So, whether Governor Hochul is re-elected or Blakeman edges her out, Local Law 97 will remain in place, though a Blakeman victory may put new pressure on the City of New York to revisit its proposed emission limits or timeline.
Renters’ rights
For renters, one of Governor Hochul’s most significant measures during her tenure has been the Good Cause Eviction Law, enacted in 2024. This legislation gave tenants in market-rate apartments additional protections against lease nonrenewal, unreasonable rent increases, and evictions. A victory for the current governor would presumably keep the Good Cause Eviction Law in place. While Blakeman has not provided a detailed account of what he might change if elected, his emphasis on property rights and critique of top-down statewide legislation suggest he could revisit this law.
Affordability
Both Governor Hochul and Blakeman have emphasized affordability in their campaigns. However, what that means to them differs greatly.
Governor Hochul is running primarily on her record, pointing to initiatives she has already rolled out to reduce housing costs in New York State and New York City. These initiatives include Let Them Build, a legislative initiative designed to reduce the red tape that has historically slowed new housing starts in New York State, and consequently, increase the housing surplus—something that should, theoretically, drive down housing costs over time.
If Governor Hochul’s affordability agenda has focused on building more housing, her opponent has spent his time on the campaign trail appealing to existing homeowners instead. Again, while Blakeman has offered few details, one promise he has made to voters is to cut electricity bills in half on day one and reduce the burdens that contribute to high property taxes. It is unclear how he would cut electricity bills in half or quickly and dramatically lower property taxes.
Fast-tracking new housing starts
Governor Hochul's approach to affordability has primarily focused on accelerating new housing starts. Among the recent bills she has signed into law to achieve this goal is one greenlighting changes to the State Environmental Quality Review Act (SEQRA). In the past, developers have averaged 2.5 years to complete SEQRA, adding time and tens of thousands of dollars to each new housing start. SEQR reforms are expected to speed up new housing and lower costs. Governor Hochul also can point to other initiatives, including Section 485-x and Section 467-m, which offer tax exemptions to developers who build new affordable units or invest in residential conversions that include affordable units.
Even as election day nears, Blakeman hasn’t indicated whether he would roll back SEQRA or any of Governor Hochul’s other initiatives designed to reduce red tape and speed up new housing starts and conversions. He has consistently made it clear that he supports drastically lower electricity costs and taxes and further supports empowering local municipalities to decide how best to manage everything from zoning bylaws to tax incentives.
New York City’s relationship to Albany
The most consequential thing at stake in the upcoming governor’s race is likely the future relationship between New York State and New York City. On a host of issues, including building more affordable housing, Mayor Mamdani relies on support from Albany and, in some cases, the Governor’s goodwill.
If Governor Hochul isn’t re-elected, it seems almost certain that the relationship between the City and State will quickly erode. After all, while Blakeman hasn’t offer many details on his housing agenda, he has been transparent about his opinion of the current mayor. If Blakeman does edge out Hochul, who has leading in the polls, this alone could have a significant impact on current efforts to speed up new housing starts, accelerate approvals for residential conversions, and incentivize the construction of more affordable units in New York City.
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Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
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