Gov. Kathy Hochul celebrated this year’s state budget, which includes measures to improve housing affordability and supply.

The latest data shows in the city, the rental vacancy rate is at a multi-decade low of 1.4%.

But the plan passed by state lawmakers is intended to change that.

It includes an additional tax incentive to promote fresh developments, encourages commercial to residential conversions, lifts restrictions on residential density and seeks to legalize some basement apartments.

Maria Torres-Springer, the deputy mayor for housing, economic development and workforce, joined NY1 political anchor Errol Louis on “Inside City Hall” Thursday to discuss more.