The City of Kingston’s economic revitalization and climate resiliency efforts include investments in its infrastructure, institutions and local amenities, enhancing its status as a regional destination for arts, culture and history, even as the city works through challenges, including housing affordability and budgetary constraints, according to a report released today by State Comptroller Thomas P. DiNapoli.

“Kingston has implemented innovative strategies and investments to promote economic growth and meet today’s challenges. It has embraced its role as a destination city and is home to historic buildings, a maritime museum, parks, art galleries and a wide variety of small businesses,” DiNapoli said. “While the city’s finances have been stable, effectively managing budget pressures and making sustainable investments in infrastructure and services will be key to Kingston’s continued long-term fiscal health. I commend Mayor Noble on his creative vision for Kingston’s future and his able stewardship of the city’s finances.”

“I want to thank State Comptroller DiNapoli for his continued support of Kingston, and for recognizing our efforts to maintain economic stability while investing in climate solutions, planning for the future, and finding creative ways to combat our growing housing crisis,” Mayor Steve Noble said. “As a small city, we have to be nimble in tackling our unique challenges, while working within our limited budget. I work closely with City Comptroller John Tuey, and the Common Council to ensure that Kingston is forward-thinking in our approaches without burdening the taxpayer. I’m proud of the progress we’ve made and once again thank the Comptroller for recognizing our hard work.”

“Mayor Noble and the Common Council have shown a strong commitment to housing solutions, climate-smart development, and economic revitalization, stretching every dollar to improve economic and community well-being,” said Ulster County Executive Jen Metzger. “As a county government, we’ve been proud to support the city with investments in affordable housing, free public transportation, the Kingston Center at SUNY Ulster, urban trails, and more. We feel very fortunate to be home to a city that is a model in so many ways, and I want to thank State Comptroller DiNapoli for highlighting the remarkable strides Kingston has made and continues to make.”

"The city’s investment in recreation, arts, and culture, along with its focused commitment to job creation and strategic economic development, aligns closely with the ongoing mission and work of the Ulster County Industrial Development Agency,” Ulster County IDA Director Hillary Nichols said. “Together, we look forward to building a stronger, more vibrant future for all who live, work, and invest in Kingston."

Economic Development & Climate Change Resilience 

In 2017, the city was awarded $10 million in state funding through the Downtown Revitalization Initiative, which funded a variety of projects in the Uptown (Historic Stockade) area, including transportation work and improvements on Robert H. Dietz Memorial Stadium.

Kingston has prioritized a number of projects to promote economic growth and prosperity, including:

• The redevelopment of the Rondout Waterfront District including walking and biking trails to connect neighborhoods, businesses and parks along the Rondout Creek and Hudson River. This project was awarded $22 million in federal funding in June 2023.
• Partnership with the Kingston Land Trust and Ulster County to develop the 20-mile Kingston Greenline Trail System to promote bicycling and other recreational activities and revitalize certain sections of the city.
• The creation of the Kingston Center at SUNY Ulster, which converted an unused elementary school building into a branch of the community college, allowing students additional access to college-level classes, as well as providing space for basic training for local law enforcement.
• Several climate resilience projects, including the elevation of two sections of East Strand Street to protect it from flooding from the Hudson River using $1.5 million in federal funding, and repairs to part of the Rondout Creek Bulkhead using $6 million in state funding.

“The residents of Kingston will reap the benefits from all these projects and under the watchful eye of Comptroller Tom DiNapoli and the proper infrastructure investments we will create jobs and improve economic growth,” Business Representative of Operating Engineers 825 Mike Ham said.

Housing 

Kingston’s median home (owner-occupied) value of $277,900 in 2023 was higher than that of cities statewide ($152,300) but lower than those of all Mid-Hudson cities ($399,400) and the state as a whole ($403,000, including New York City). Between 2018 and 2023, median home values in Kingston increased by 63.7%, almost twice the statewide rate of 33.3%. This period included a surge in home sales and home sale prices during the first two years of the COVID-19 pandemic.

Median (gross) rent for Kingston increased by 25.5% from 2018 to 2023. Kingston’s share of cost-burdened renters is higher than for most other cities in the state excluding New York City, with 57.3% of renters paying more than 30% of their household income on rent, compared to 52.6% for other cities. The city has taken a multi-pronged approach to address housing affordability.

In July 2022, the Kingston Common Council issued a declaration of emergency to adopt rent stabilization, as set forth in state law, which allowed the city to regulate rent for non-rent-controlled apartment buildings built before 1974 with six units or more.

In 2023, Kingston adopted a new zoning code, “Kingston Forward,” that introduced new incentives for affordable housing, facilitated adaptive reuse of existing buildings, and encouraged walkable neighborhoods. In 2024, Kingston Forward won two awards for innovative zoning codes.

The city was one of the first municipalities outside of New York City to exempt from property taxes certain newly constructed or converted rental housing, as well as the increased assessed value of a newly constructed, altered or improved accessory dwelling unit.

“With the active support of the Ulster County and City of Kingston Leadership, the continuum of care program has made significant progress in beginning to create needed affordable housing units,” Family of Woodstock Executive Director Michael Berg said. “However, this is just the beginning, and many more units will have to be created in order to effectively address the needs of our community for affordable housing."

“The city of Kingston is a vibrant cultural and economic hub of our region and we commend State Comptroller DiNapoli’s office for its thorough economic and fiscal profile,” Hudson Valley Area Labor Federation President Sparrow Tobin said. “The influx of new residents since the pandemic has certainly affected union members and their families. The adoption of the Emergency Tenant Protection Act in 2019 was an important first step in leveling the playing field, but we also wholeheartedly believe that expanding the labor movement is vital. Providing more Kingstonians with good union jobs will create a stronger and more resilient economy and build back the middle class.”

Budget Conditions and Debt 

From 2013 to 2023, Kingston’s available general fund balance grew substantially. By 2023, it stood at $12.3 million and represented 22.6% of its gross expenditures, which was higher than the aggregate share for cities statewide, as well as those for upstate cities and Mid-Hudson cities.

Still, Kingston’s budget has come under pressure in recent years due in part to cost increases including those associated with the city’s fire department taking over ambulance services. In both 2024 and 2025, the city used part of its general fund balance to stabilize the budget, at $1.9 million and $2.9 million, respectively. In addition, after staying under the “tax cap” for nine straight years, the city took the necessary steps to override the cap as it prepared its 2025 budget. This allowed Kingston to increase its tax levy for 2025 in excess of the allowable growth set by the tax cap.

Kingston had $68.8 million in debt outstanding at the end of 2023, up from $33.6 million in 2013. From 2018 to 2023, debt outstanding increased 11.2% per year, mostly the result of the city authorizing bonds to fund improvements to its wastewater treatment plant, as well as major compliance improvements to the Cooper Lake reservoir located in the Town of Woodstock, which supplies Kingston with drinking water. Through 2024, debt was also issued for improvements to the Kingston Library and Dietz Stadium.

The city’s 2023 debt burden per capita was $2,874, which was higher than the aggregate per capita for cities statewide ($1,916). Kingston’s debt as a percentage of full property value was 2.9%, virtually the same as the median for all cities.

DiNapoli created the Fiscal Stress Monitoring System (FSMS) in 2013 to help monitor the financial position of counties, cities, towns, villages and school districts. FSMS uses a variety of metrics to determine whether local governments either fall into one of three levels of fiscal stress or do not meet the threshold for a stress ranking. Since the start of FSMS, Kingston has never fallen into a fiscal stress designation.

Report 
Economic and Fiscal Profile: City of Kingston, New York