Bill > A05574

This bill directs the Department of Financial Services, in coordination with the Division of Housing and Community Renewal, to conduct a study examining the increasing costs of insurance premiums and the lack of availability of insurance coverage for affordable housing developments. The study will analyze the factors driving these issues and identify the potential impact over the next ten years, including projected reductions in affordable housing units and the inability to develop affordable housing in certain areas. The departments will then prepare a report with their findings and recommendations for potential legislative and regulatory actions to address the costs and unavailability of insurance.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A5574