Joint statement on the need for housing preservation, in response to the 2026 NYS Senate and Assembly One-House Budget Proposals

Last week, the New York State Legislature voted on their respective One-House budgets.

While we recognize and appreciate the important investments in housing development included in their proposals, we are deeply disappointed that both the Senate and Assembly failed to add significant funding for housing preservation and stabilization.

We have been clear: the housing community is facing a crisis that threatens the viability of our existing affordable and supportive housing stock. Across the state, nonprofit housing providers are now seriously debating whether they will be forced to sell portions of their affordable portfolios to the private market simply to remain financially viable.

New York has made a strong commitment to building new affordable and supportive housing, a goal we strongly support and continue to advocate for. However, without a meaningful investment in preservation and a targeted strategy to stabilize existing buildings, the state risks losing affordable homes faster than it can build them.

The urgency of this moment cannot be overstated. If New York fails to act, we could see a net loss of affordable and supportive housing in the coming years—undermining the very progress these investments aim to achieve. Preservation must be treated as an equal priority to production if we are to protect the affordable homes New Yorkers rely on.