Key Real Estate Proposals in Cuomo’s 2022 Budget

Gov. Andrew Cuomo, Andrea Stewart-Cousins and Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)

Gov. Andrew Cuomo, Andrea Stewart-Cousins and Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)

Gov. Andrew Cuomo’s $193 billion budget proposes several provisions that could benefit real estate, but the next two months will determine if any of them survive the legislative gauntlet.

New York needs to close a $15 billion deficit, and the pressure is on to raise taxes on the wealthy. Cuomo has been reluctant to do that, however, but allows it would be necessary without ample federal aid.

The governor has also proposed legalizing marijuana and one-time revenue raisers such as licensing downstate casinos — a measure several prominent office landlords have pitched.

Progressive lawmakers appear to have other plans, however.

The state Senate, where Democrats won a veto-proof majority in November, has pushed for more taxes on the rich. The chamber’s move to the left in the past two election cycles has resulted in policies that favored tenants. Many in the real estate industry hope legislators will take a more moderate stance as New York tries to recover from the pandemic, but there is little evidence they will do so.

In a radio interview with WNYC, Senate Majority Leader Andrea Stewart-Cousins renewed her

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