Ballot measures in both states promise major shifts for housing, taxes and infrastructure
Voters in two of the nation’s largest states delivered decisive wins for housing and tax reform this week, passing a raft of ballot measures that could reshape the landscape for homeowners, developers and mortgage professionals alike.
In New York City, four citywide proposals aimed at accelerating affordable housing development cleared the ballot, despite fierce opposition from the City Council and some labor unions.
The measures, which passed with over 56% of the vote according to unofficial results, are set to fast-track affordable housing projects and streamline the city’s notoriously complex land use review process.
“These reforms will finally allow us to treat affordable housing as it should be in our nation: a basic right to which we must all have access,” Amit Singh Bagga, campaign manager for the Yes on Affordable Housing committee, said.
“New Yorkers have determined our own destinies by passing first-in-the-nation local reforms.”
The most significant of the changes will allow the City Planning Commission and the Board of Standards and Appeals to approve affordable housing projects in as little as 30 to 90 days, bypassing the City Council’s traditional veto power.
Proponents argued that the council’s influence had made the process unpredictable and stymied much-needed construction, especially in neighborhoods with little affordable housing.
Opponents, including City Council spokesperson Benjamin Fang-Estrada, warned that the reforms would erode democratic checks and balances. “This will leave our city without the checks and balances of democracy to protect New Yorkers and ensure outcomes that prioritize them, not simply profits,” Fang-Estrada said.
Zohran Mamdani’s election as New York City mayor has sparked divided reactions across the housing industry, with some expecting disruption to property investment and lending, while others believe the market will remain steady.https://t.co/qZqeGal4Gl
— Mortgage Professional America Magazine (@MPAMagazineUS) November 5, 2025
Meanwhile, Texas voters approved all 17 constitutional amendments on their ballot, with measures focused on property tax relief, infrastructure investment and judicial reform.
Proposition 13, which increases the homestead exemption for all homeowners from $100,000 to $140,000, and Proposition 11, which gives seniors and people with disabilities an extra $60,000 exemption, were among the most consequential for the mortgage and real estate sectors.
The state is expected to spend more than $50 billion on property tax relief in the next budget cycle, according to legislative estimates.
Other amendments will direct billions toward water infrastructure, technical education and dementia research, while new bans on capital gains and inheritance taxes aim to make the state more attractive to investors and homeowners.
Industry leaders and housing advocates in both states have pointed to these results as a sign that voters are increasingly willing to embrace bold policy changes to tackle affordability and supply challenges.
The passage of these measures follows a year of heightened debate over housing shortages, rising mortgage rates and the need for regulatory modernization.
As housing costs and supply pressures mount, voters are signaling a readiness for reforms that cut red tape and deliver relief, though the long-term impact on affordability, development and local governance remains to be seen.
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