Summary
New York Governor Kathy Hochul signed new laws to make housing more affordable in the state. These laws provide tax incentives for buying homes and protect renters from unfair rent increases and discrimination.
Key Facts
- New laws in New York aim to increase homeownership with tax incentives for low- and moderate-income buyers.
- The laws allow communities to redevelop vacant properties into affordable homes.
- It is now illegal to discriminate in real estate appraisals in New York; appraisers could be fined for violations.
- Renters are protected from rent increases caused by algorithms, such as those using artificial intelligence.
- Security deposit protections are extended to rent-regulated tenants.
- A requirement has been introduced for advance notice before foreclosure actions by homeowners’ associations or condo boards.
- The new laws address high housing costs in New York, which has some of the highest home prices and rents in the country.
