In New York, the persistent affordability crisis in the housing market continues to challenge aspiring homeowners—especially first-time buyers and those from minority communities. Leaders from the New York State Builders Association (NYSBA) recently underscored this issue at the 54th Annual Legislative Conference in Albany, where they called for legislative action to address the structural and economic barriers that are making homeownership increasingly out of reach.

The event, hosted by the New York State Association of Black, Puerto Rican, Hispanic, and Asian Legislators, featured a panel discussion titled “Advancing Homeownership Opportunities.” It brought together policymakers, developers, and housing advocates to explore solutions to New York’s housing shortage. NYSBA Executive Director Mike Fazio, Board Member Jabari Bell, and moderator Kirk Goodrich, president of Monadnock Development, emphasized the critical role builders can play in increasing the supply of affordable homes—if supported by the right policies.

“In many communities in New York, the cost of new construction or rehabilitation often exceeds the potential sale price, making development financially unfeasible,” the panel noted.

The speakers called attention to the lack of entry-level housing stock, particularly in urban and suburban neighborhoods where demand far outweighs supply. That shortage disproportionately affects younger families, low-income residents, and historically marginalized groups.

“Without targeted economic interventions, land use reforms, and public investment in home building, this shortage will continue, exacerbating disparities and creating additional barriers to African American homeownership,” said Mike Fazio. “Homeownership is a critical pathway to building wealth, yet many aspiring homeowners continue to face systemic challenges, especially in communities of color.”

The NYSBA team proposed a set of legislative solutions aimed at lowering construction costs and increasing supply. These include tax credits, zoning reform, and state-level funding for infrastructure upgrades in underdeveloped areas. They also recommended expanding down payment assistance programs and creating public-private partnerships to incentivize the development of starter homes.

“By addressing these barriers head-on,” said Fazio, “we can help create more equitable opportunities for first-time home buyers and ensure that homeownership remains an attainable dream for all.”

The conversation highlighted the importance of collaboration between state lawmakers and the building industry. Attendees called on legislators to recognize the role builders play not only in economic development but also in advancing social equity through housing access.

As policymakers continue to explore comprehensive housing reforms, the insights shared during the conference serve as a clear call to action: without structural changes to support new construction and rehabilitation, New York’s affordability crisis will only deepen—leaving behind thousands of families dreaming of a home to call their own.

Originally reported by NAHB.