Video, Audio, Photos & Rush Transcript: Governor Hochul Initiates Tax Cuts for Penn South Residents

Earlier today, Governor Kathy Hochul signed legislation to initiate tax cuts for Penn South residents. This action permits New York City to pass local tax relief for Penn South. The legislation signed today builds on the Governor’s FY26 Budget win, which automatically reduced taxes in half for New York City Mitchell-Lama households. This action is estimated to save Mitchell-Lama residents in New York City up to $50 million annually. The Budget also authorized local governments to offer similar tax relief to Mitchell-Lama developments outside New York City.

VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

VIDEO: The Governor signing legislation is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

AUDIO: The Governor's remarks are available in audio form here.

PHOTOS: The Governor's Flickr page will have photos of the event here.

A rush transcript of the Governor's remarks is available below:

 Welcome everyone on this wonderful day, so proud to be here. It's really special that we're here at FIT as well. Let's give a round applause to Dr. Joyce Brown, our president here. And since you're all at the Fashion Institute, I hope you're all dressed real fancy. It's a good looking crowd, no doubt, It's a good looking crowd. But it's significant that we're here at the Garment District because it was the International Ladies Garment Workers Union that helped make Penn South come to reality back many, many years ago. And I want to thank everybody who's here as I mentioned Joyce Brown and also I want to acknowledge that we have our speakers. Senator Brad Hoylman-Sigal, you'll be hearing from him, one of our sponsors of the bill. Assemblymember Tony Simone, I want to thank them. Councilmember Erik Bottcher has joined us as well. And of course Penn South Board President Ambur Nicosia let's give her a round of applause.

RuthAnne Visnauskas, Department of Community Renewal. RuthAnne has joined us and Ahmed Tigani the New York City HPD Acting Commissioners. So that's who we have in the house. But more importantly, we have people from Penn South here.

Now I know you're all too young to know this, but Penn South is 63 years old this year. You're a Penn South's older than all of you right? I'm older than Penn South, but that's all right. This was born out of a moment in the 1950s when some visionary legislators saw that there was a real shortage of affordable, decent housing and that threatened the future of our urban communities.

But they refused to let that happen here in New York City, and they got creative. They passed laws that made it possible for working and middle-class families to have housing that gave them more than just a roof over their heads. It gave them a fair shot at opportunity and dignity. And that vision opened the way for projects like Mitchell-Lama and Penn South, allowed them to take shape.

And so right now, New York City proudly boasts 100,000 Mitchell Llama units and 2,820 at Penn South. And they represent the best of New York. Hardworking New Yorkers, so proud to be here — raise their families, help them get an education, launch them. And I want to also say this is a real commitment to the middle class that sometimes feels so overlooked. And it's an opportunity to succeed and, like I said, thrive in a community where people care about each other. I've seen that when I've walked through these wonderful homes and people really do look out for their neighbors, and that's really special.

And here we have to have a Government that lives up to its responsibility to invest and care for its citizens. And that's why this village within a city, Penn South is so special, really special place here. Now when you think about it, a family earning $70,000, and they're working hard, $70,000. They can own a beautiful two bedroom unit for $150,000. That's what the American Dream is supposed to be all about — that access, that opportunity.

And the residents oversee their own buildings and they take tremendous pride in them. And I'll also say the country was paying attention when this opened in 1962, it was a real event. Eleanor Roosevelt was here at the time and also President John F. Kennedy. And what he said, I want to quote him, he urged the audience “to keep the faith, and fight to preserve this desperately needed type of housing. Not just for now, but for generations to come.” And that's what we're doing here today.

Over the decades that followed — you know this, the costs are going up, the aging buildings have made it more and more difficult. And we want to make sure that promise that JFK made continues on. So we're here to help fulfill that promise.

Since becoming Governor, my priority is to try to make New York a more affordable place to live. Where people live is important to me. My parents used to live in a trailer park, kind of on the other side of town. I lived in a little tiny place, my brother was born there, there wasn't room for me, so we had a little tiny apartment right after that. But I saw the struggles, and it was as good as it was going to get for a little while for that young couple.

But I go back to that same trailer park near the steel plant where my dad and grandpa worked, and they lived the American dream as well. I go back there because there's still people that feel like they've been forgotten. They never had a chance to get out of their circumstances, but my family did. My dad was able to get an education at night while he was working at the steel plant, and eventually he was able to change his circumstances, but not everybody has that opportunity. So I never forget where I came from and where my family started.

So the opportunity for home ownership and to have something that's proudly your own is so special. And it sadly is so out of reach for so many people today, but in places like Penn South, we cherish this. And I'm going to continue fighting to make sure we put money back in people's pockets so they can help pay their bills and not have to struggle so much at the end of the month.

We worked hard and I want to thank my colleagues in State Government here, Senator Brad Hoylman-Sigal and Tony Simone, our Assemblymember. We all teamed up together and put together a vision for this state that says, we're going to put more money back in your pockets. And what we're doing is programs like free community college for adults who want to go back to school who never had a chance before. Free — books, fees, everything — completely free. We've cut middle class taxes to the lowest rate in 70 years. For people with families, and I've got a couple little grandkids now, it's really expensive to raise little ones. So, we've increased the tax credit from zero for ages infant to four-years-old to $1,000 for a family. That makes a difference. $500 for older kids.

We also — for those who have kids or grandkids — free meals in all schools across the State, breakfast, lunch, so you don't have to pay for that. One father came up to me on the street and said, “You just gave me an hour back in my day.”

I said, “What do you mean ‘an hour back in your day?’”

He goes, “The free lunches.”

I said, “What do you mean?”

He goes, “I used to have to get my kids up, sit there, make their breakfast, try to get them to eat, fight over that, have to make their peanut butter and jelly and then go buy it when it runs out, and then have to make the sandwiches. You gave me back an hour a day.”

So he was grateful. I think people all across the State are recognizing that their kids can go to school, have a nutritious lunch — but saving about $1,600 per child per year. Again, more money back in people's pockets.

As well as making sure that we put money back in people's pockets with the inflation rebate, which are just showing up now, October and November. So look for checks [up to] $400 to help you pay your bills. We know how important that is.

But housing that's affordable requires us to keep building. People are going to other places. You know why? Not that New Jersey is a better place to live. I'm just going to say, it's a nice place, I'm sure. No slight on New Jersey, it's just not New York. But they built more housing. You look across the river, they built housing. And so people are leaving here to go live there and work here. We have to stop that dynamic. So investing in Penn South is an important part of our strategy; continuing investments in projects like these. But just having the ambition to overcome all the oppositions that says, “Oh no, I'm here and nobody else can come in.” That's how you stagnate. That's not how you open up the doors so your own children can live in the community that they were raised in.

This is what our fight has been, so we're going to keep building. We committed over $25 billion to build over 100,000 more units, and we're going to hit that target. And also, we've made sure that we could cut taxes for people who live in New York City Mitchell-Lama developments. And it saved residents there $50 million with those taxes, bigger scale. Now I want to say this, we need to do that here. We need to do that here. And while we're spending money to invest in Mitchell-Lama — investing in those beautiful homes as well, $500 million to rehabilitate them — we also have to make sure that we're protecting Penn South as well.

And so today, we're here because I'm signing a bill authorizing the City to extend the same tax cuts to Penn South. Now, you ready for this one? If the City Council acts — anybody here from the City Council wants to let us know if they're going to act on this? We did our part, right, State Legislators? I'm sure the City Council will do what's right or they'll hear from every one of you. And this could result in savings upwards of $500 in tax savings for every household in Penn South. How does that sound? How does that sound? That's what we're doing, putting money back in your pockets.

I want to thank the tireless advocates as well. Again, Ambur is a real champion. I mean, you are so fortunate to have her as your president. Ambur Nicosia has been a tireless advocate fighting for every one of you, and she made sure this happened. Let's give another round of applause.

Let me close with just reminding us again of what President Kennedy said, he asked us to keep and preserve this jewel for generations to come. And by making it more affordable for those who are proud to call Penn South home, we are on that path to keep the faith and keep the promise that President Kennedy asked us to do.

So thank you, everyone. Congratulations. I look forward to signing the bill in a few moments. Thank you.