Why NY's 'Cap-and-Invest' program is getting punted, according to Hochul

And Assemblyman Tony Simone shares his view on mental health and public safety in a CapCon Q&A.

Good afternoon — it’s Wednesday and National Pothole Day.

In today’s CapCon:

• Why Hochul says she’s punting on New York’s “Cap-and-Invest” program, to the ire of environmental advocates.

• What Republicans had to say about Hochul’s State of the State.

• Assemblyman Tony Simone joins us for a CapCon Q&A on the intersection of mental health and public safety in New York City.

• On The Bill examines legislation that would set up a recurring effort to combat opioid addiction through harm reduction and recovery services.

• Hochul’s campaign haul in the last six months puts her on strong financial footing heading into 2026.

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Hochul on Wednesday (New York Governor’s Office)

🔥 Why Hochul is delaying N.Y.’s ‘Cap-and-Invest’ program

I have heard from several environmental advocates in the past 24 hours who (rightly) pointed out that news was made in Gov. Kathy Hochul’s State of the State on New York’s “Cap-and-Invest” program.

If you’re not familiar, that program will essentially charge emitters for carbon pollution and reinvest that revenue into rebates for ratepayers and projects to mitigate the impact of climate change. The program is required by state law but hasn’t been developed.

Lawmakers and advocates expected Hochul to announce something on the program Tuesday — like timing or a strategy — but that didn’t happen.

The program will instead continue to be developed, with recommendations expected by the end of the year, according to Hochul’s State of the State book.

Environmental advocates are, to put it lightly, pretty mad about that. They wanted something decisive from Hochul, like an implementation plan. That’s farther off than anyone expected.

“While her investments in infrastructure and decarbonization are steps forward, they fall far short of the bold action needed to tackle pollution, hold corporations accountable, and meet New York’s climate goals,” said Julie Tighe, president of the New York League of Conservation Voters.

That was tame compared to what other advocates had to say, to put it lightly.

Hochul explained her decision to reporters Wednesday, saying state officials “have to get it right.”

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