Assembly, state Senate budget proposals take sledgehammer to Hochul’s plans

BY OLIVIA BENSIMON, JACQUELINE NEBER, EDDIE SMALL AND CAROLINE SPIVACK

Gov. Kathy Hochul and the state Legislature will have plenty to debate about as they try to reach a budget agreement in the coming weeks.

e one-house budget proposals from the Assembly and state Senate both make extensive changes to Hochul’s ambitious plans for key industries in the city.

ese proposals are the Legislature’s formal response to the governor’s February budget plan: e Senate released one, as did the Assembly. Negotiations between both chambers and the governor will now commence, and the nal budget is due by April 1.

For the real estate industry, the one-house proposals eliminate several of the tax

See BUDGET on page 22