By Patricia Canzoneri-Fitzpatrick
Everywhere I go, from community meetings to the grocery store checkout line, the same concern rises to the surface: “I love New York, but I don’t know how much longer I can afford to stay.” That refrain has become far too common in every corner of our state.
The affordability crisis in New York is not abstract. It’s the family choosing between groceries and heating their home. It’s the young couple who can’t find a home under $700,000, or the retirees watching their property taxes — driven largely by unfunded mandates from Albany — eat away at their fixed income. It’s the small business owner who loves her town but can’t compete with states where energy, rent and labor costs are a fraction of what they are here.
This is the story of countless New Yorkers who love where they live but increasingly wonder whether they can afford to stay. Median home prices remain among the highest in the nation, taxes continue to rise and the costs of daily life, from groceries to child care to utilities, show no signs of slowing down.
These challenges aren’t new, nor are they inevitable. They’re the result of years of misguided priorities in Albany. Instead of easing the financial strain on middle-class families, lawmakers have chosen policies that make it even harder to live, work and raise a family here. Rather than focusing on making life more affordable for working New Yorkers, Albany has treated taxpayers as a bottomless piggybank as the annual state budget has skyrocketed to more than a quarter-trillion dollars. Compare that with Florida, where the budget is less than half of New York’s despite a larger population.
We can’t wish affordability into existence. We have to create it through discipline, pragmatism and policies grounded in reality, not slogans. That’s why I find it troubling when some, like New York City Mayor-elect Zohran Mamdani, embrace handouts and socialism while turning away from capitalism. Aspirations are important, but leadership requires acknowledging limits and setting priorities. The reality is, New York is able to afford such a formidable budget thanks to capitalism. In a recent report on Wall Street profits, the state comptroller noted that the “securities industry’s gains provide an important boost for tax revenues that support critical investments in housing, transportation, and public services that New Yorkers depend on.”
New York’s billionaires will weather the affordability crisis without much difficulty, but the real concern is if they leave the state, taking their income with them. If that happens, the state loses the income tax on that high income — substantial revenue that funds countless programs that everyday New Yorkers rely on. Following the recent election, reports have surfaced of city residents considering relocation, once again looking to Florida, the Carolinas and Texas for economic stability. As a representative of a district that borders the city, I worry about the ripple effects that such an exodus could have on Long Island.
That’s why I constantly talk about the need for legislation to reduce the cost of child care by offering tax incentives to employers that offer or sponsor child care programs. As someone who manages her household budget and sees how out of control utility bills have gotten for New Yorkers, I’ve introduced legislation to place a moratorium on new taxes and fees on energy bills, as well as to eliminate a state-mandated tax that increases our bills from Liberty Water. Further, I’ve focused on housing affordability by cosponsoring legislation to establish a First Home Buyers Savings program, to create a new tax-advantaged account to help residents afford their first home, as well as legislation to double the STAR exemption, increase the amount of retirement income that is exempt from state income tax, and cut middle-income tax rates to help them afford to keep it.
New Yorkers deserve leadership that puts their financial stability first and offers practical solutions to create that stability. Government control and “free” programs aren’t the answer. They deserve a government that values fiscal responsibility, supports small businesses and gives families a fair chance to stay in the communities they call home.
There’s still time to turn things around. But in doing so, we must cut red tape, say no to new taxes and make realistic choices about spending. It requires us to remember that the government doesn’t create prosperity; people do. Our job is to make it possible for them to thrive here.
Patricia Canzoneri-Fitzpatrick represents the 9th State Senate District
