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This is CBSi in the world. I'm John Battler with Professor Richard Epstein of the Hoover Institution,

writing into finding ideas about the state of the state message early January 2023 from Governor Kathy

Hokle, elected Governor of New York. The ambition is

800,000 housing units and the word affordable is used in much of this

conversation over the next 10 years. In addition, 100,000 units

with a five-year 25 billion dollar plan to create and preserve affordable homes.

Mixing this all together, what we're and preserved affordable homes.

Mixing this all together, what we're looking at is the governor having tools to overcome or step around or solve the permitting process, which chiefly is municipalities and neighborhoods protecting what is presumed to be value by limiting the

number of housing units in the area. We come to two tools that the governor has,

subsidies and coercion. Do they work, professor?

No, there's a short answer. The long answer is a little bit more complicated. The first thing to understand about the definition of affordable housing is that it's housing which the cost of which cannot be borne by the tenant or the purchaser, the particular unit in question.

If the thing cost $150,000, the most that you can get from the tenant is say 100,000 or even

less.

...