Bill > A06265

This bill establishes the New York State Social Housing Development Authority as a public benefit corporation with the primary goal of increasing the supply of permanently affordable housing throughout the state. The authority will have broad powers to acquire, rehabilitate, and construct housing, with a focus on creating permanently affordable residential projects that serve low and extremely low-income households. Key provisions include creating a nine-member board (with five gubernatorial appointees and four resident-elected members), establishing a right of first refusal for distressed properties, implementing tenant protections such as rent stabilization and democratic governance processes, and requiring that at least 25% of units be designated for households earning 30% or less of the area median income. The corporation will have significant autonomy, including tax exemptions and the ability to issue bonds, and is tasked with prioritizing community needs, energy efficiency, and innovative housing design. The bill appropriates $60 million for the corporation's initial creation and staffing, and is intended to address the state's affordable housing shortage by providing a new model of socially-owned and democratically managed housing that prioritizes affordability and resident empowerment.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A6265