Ken Fisher is quoted in the Commercial Observer’s article discussing New York Governor Kathy Hochul’s policy win in the state’s $268 billion budget by reforming the State Environmental Quality Review Act (SEQRA). A decades-old environmental review process widely viewed as slowing housing development, the changes to SEQRA exempt certain infill housing projects and public infrastructure from lengthy reviews, aiming to reduce costs, speed up construction, and address high housing prices and low vacancy rates. The reform reflects a shift toward cutting bureaucratic barriers, rather than imposing mandates, especially after Hochul’s earlier, unsuccessful attempt to require local housing growth. While some environmental groups and local leaders pushed back, the revisions gained broader support as a pragmatic response to the state’s affordability crisis.

“Anybody who is looking to build needs to be confident that rents in the area will support that development,” said Ken. “Given the demand, that’s more places than it used to be, but it’s still not everywhere.” The impact could be significant, particularly in the city, where environmental reviews have added substantial time and expense to projects. The new rules allow developments of up to 500 units in higher-density areas and smaller projects in lower-density zones to bypass SEQRA, potentially accelerating rezonings and encouraging development in transit-accessible areas across the outer boroughs. “In southern Brooklyn, these projects may get kicked into one of the new review procedures under the charter so they wind up going, through an expedited basis, to City Planning and they don’t have to get through environmental review,” Ken continued. The reforms may also boost affordable housing by shortening timelines tied to inclusionary zoning requirements, which mandate below-market units in rezoned projects. However,  challenges remain, including rising construction costs and local resistance to new housing, which may influence where and how much development ultimately occurs.

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