Requires housing affordability impact notes in relation to rules with the purpose or effect to increase or decrease the cost of constructing, purchasing, owning or selling a single family residence or a multi-unit housing development, either directly or indirectly.
Summary
Bill S01577 amends the state administrative procedure act by requiring housing affordability impact notes for certain rules that affect the costs associated with constructing, purchasing, owning, or selling single-family residences or multi-unit housing developments. These notes will provide a reliable estimate of the anticipated financial impact of such rules, ensuring that state agencies consider housing affordability when proposing regulatory changes. The bill mandates that every relevant rule proposal be accompanied by a housing affordability impact note prepared by the New York State Division of Housing and Community Renewal, which must be submitted within five calendar days of the request, with provisions for extensions if necessary.
Impact
The implementation of housing affordability impact notes will require state agencies to assess and disclose the potential financial implications of their regulatory actions on housing costs. This could lead to more informed decision-making regarding housing regulations and potentially mitigate adverse effects on housing affordability. The bill specifically excludes certain agencies from this requirement, which may limit its overall impact on the housing market.
Sentiment
The general sentiment surrounding Bill S01577 appears to be supportive among those advocating for increased transparency and consideration of housing affordability in regulatory processes. However, there may be concerns from some stakeholders about the potential administrative burden this could impose on state agencies and the real estate industry, particularly regarding the accuracy and reliability of the impact estimates.
Contention
Notable points of contention may arise from the exclusion of certain agencies from the requirement to prepare housing affordability impact notes, which could lead to inconsistencies in how housing costs are assessed across different regulatory bodies. Additionally, stakeholders in the real estate and home building industries may have differing opinions on the accuracy and feasibility of the impact estimates required by the bill, particularly regarding complex regulations.
Requires housing affordability impact notes in relation to rules with the purpose or effect to increase or decrease the cost of constructing, purchasing, owning or selling a single family residence or a multi-unit housing development, either directly or indirectly.
Prohibits corporate entity, real estate developer, or residential building contractor from directly or indirectly purchasing, owning, building, acquiring, or otherwise obtaining any interest in any single-family private dwelling and converting such property into residential real estate containing one rental unit.
Specifies that low and moderate income housing exists when a city or town has adopted an inclusionary zoning ordinance requiring that all housing developments include at least fifty percent (50%) low or moderate income housing units.