In early February, the Hochul administration released its proposed FY2024 Budget Legislation, which included an ambitious "New York Housing Compact" to build 800,000 new homes in the state. A cornerstone of the compact is the proposed Transit Oriented Development Act of 2023 (TOD Act of 2023). The TOD Act of 2023 encourages concentrating high-density multifamily redevelopment within half a mile of an MTA train station.