LAKE PLACID — Governor Kathy Hochul said Friday that state lawmakers are currently discussing how the state could play a role in regulating short-term vacation rentals in New York, and she hopes for a “balance” could be found in areas like Lake Placid to accommodate tourists while ensuring that there is affordable housing available for locals.
During his visit to the Mount Van Hoevenberg Olympic Sports Complex on Friday, Hochul briefly spoke about the need for more affordable housing in the north of the country. A 2020 housing needs assessment confirmed that there is a “housing crisis” in North Elba Village and Town, with a need for 1,534 units to meet the township’s goal of having at least 50% of the local workforce live there.
“We must continue to build” Hochul said. “I won’t stop until we meet the need.”
She touted the state’s 2022-23 fiscal year budget – signed into law in April – which she said provided $144 million to create 2,300 affordable housing units in the north of the country. There are currently at least two publicly funded affordable housing projects underway in this area – Regan Development’s MacKenzie Overlook in Lake Placid and the Harison Place project in Malone.
Hochul added that there are already affordable housing subsidies in New York, calling the state’s solution to the affordable housing crisis a “Versatile approach”.
The 2020 Lake Placid-North Elba Housing Study found that while short-term vacation rentals did not directly cause Lake Placid’s housing crisis, STRs exacerbated the deficit of long-term affordable units. term available to locals. Hochul said the state legislature is discussing ways the state could regulate STRs, but in the meantime, she thinks the state should continue to provide tourist accommodations with hotels and motels as well as STRs. . She believes that tourism is essential to the local economy of Lake Placid.
“It’s the cornerstone of the economy here,” she says, “So we have to have accommodation for them and then allow people to be able to rent their accommodation and accommodate them, otherwise we won’t have the capacity.”
She said that while upstate New York hasn’t reached its capacity to accommodate tourists with hotels and motels alone, she thinks it will as people continue to “Discover the beauty and charm of the North Country.”
Hochul’s comments come as city and town councils work to create new regulations for STRs in hopes the regulations could lessen the impact of STRs on residential neighborhoods. The 2020 study found that with a target of 50% of the workforce living here, the city and town needed 1,534 “effective and affordable” housing units. About two-thirds of that, 1,013 units, would go to people who, according to the study, need an apartment priced at $879 a month or less.