April 11, 2025
As a NYC realtor, I see firsthand how our city’s affordability crisis is pushing out working families and longtime residents. The truth is, this isn’t a future problem—it’s happening now. Good people who’ve rented for years are being priced out, while dreams of homeownership drift further out of reach.
But there’s a bill on the table that could shift things in the right direction: the Affordable Housing Retention Act (S1354/A4954). Backed by State Senator Cordell Cleare and Assembly member Harvey Epstein.
this proposal has the potential to protect affordable housing while also creating a rare path to ownership—something this city desperately needs.
What makes this bill different? It’s state-level, not federal, which means it isn’t tied up in the same uncertain funding or bureaucracy. It gives renters in qualifying buildings a chance to purchase their homes directly.
That’s huge. It’s not just about keeping rent low—it’s about helping families build equity and stay in the neighborhoods they love.
According to a recent poll, more than 80% of New Yorkers support this plan. Once people heard the details—like how it locks in affordability and lets landlords sell directly to interested renters—that support jumped to 86%.
This isn’t just a feel-good idea. It has real public backing, and more importantly, it addresses a painful truth: the city is becoming too expensive for the people who keep it running.'
When nearly 70% of renters say they can’t afford to buy, and almost half expect to leave the city just to own a home, we need to take that seriously.
The housing stock is shrinking, prices are climbing, and without intervention, we're on track to lose the character and diversity that make NYC what it is.
The Affordable Housing Retention Act won’t solve everything, but it’s a practical step forward. It keeps families in their homes, encourages long-term stability, and gives renters a chance to actually invest in their future—not just pay someone else’s mortgage.
It’s time Albany listened. New Yorkers are tired of waiting for change. This bill isn’t just common sense—it’s necessary.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
