On July 18, 2023, New York Governor Kathy Hochul announced a series of executive actions to address New York’s severe housing shortage by promoting housing growth:

• Gowanus Neighborhood Mixed Income Housing Development Program
• Executive Order No. 30 titled "Directing State Agencies, Authorities, and Entities to Prioritize the Allocation of Certain Discretionary Funds to those Localities that Promote the Construction of Housing".

The Phillips Nizer real estate team, supported by the corporate and tax practice groups, recently completed a year-long effort to restructure the ownership of five New York City low-income housing developments on behalf of a long-time client. 

Real estate practice co-leader Marc A. Landis and associate David Rosenberg recently closed the sale of a 2-building mixed-use investment package in the Prospect Lefferts Gardens neighborhood of Brooklyn on behalf of the LJJ NYC Multi-Family Real Estate Fund.  The 75,000 square-foot asset, encompassing 7 stores and 69 apartments, sold for approximately $9 million. 

On June 14, 2023, New York City Mayor Eric Adams introduced his long-awaited proposal, City of Yes: Zoning for Economic Opportunity, intended to promote the City’s economic recovery from COVID-19 by focusing on four key areas.