State lawmakers counter Hochul’s $233B budget with plans that would raise taxes on wealthy, boost tenant protections

The state Senate and Assembly on Tuesday rolled out their budget plans for Fiscal Year 2025 — proposals that rebut key elements of Governor Kathy Hochul’s $233 billion executive budget and put forward some of their own bold policy items.

The plans — known as “one-house budgets” — include a rejection of Hochul’s changes to the state’s public school funding formula, an increase in taxes on the wealthy and new proposals for building affordable housing and protecting tenants.