Bill > S01577

This bill amends the state administrative procedure act to require housing affordability impact notes for proposed rules that could affect the cost of constructing, purchasing, owning, or selling single-family residences or multi-unit housing developments. Under the new provision, state agencies (with some exceptions like housing finance agencies) must submit proposed rules to the New York State Division of Housing and Community Renewal, which will then prepare a brief, factual note estimating the economic impact on housing. These notes must provide a dollar estimate of the rule's immediate and long-range effects on housing costs, including a summary of calculations used. If a precise dollar estimate is not possible, the note must explain why. The division may seek assistance from real estate or home building industry organizations in preparing the notes and has up to 30 days to complete them. Importantly, the notes must remain objective and cannot include commentary on the merits of the proposed rule, though technical defects may be noted. The bill is designed to increase transparency and help policymakers understand the potential housing cost implications of new regulations. The bill will take effect on the first day of January following its passage into law.

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https://www.nysenate.gov/legislation/bills/2025/S1577