NY Priv Hous Fin L § 201 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 201 - Legislative Finding, Policy of State, and Purpose of Article.

§  201.  Legislative finding, policy of state, and purpose of article.   It is hereby declared that in the cities of the  state  substandard  and   insanitary  areas  exist  which  have resulted from inadequate planning,   excessive land coverage, lack of  proper  light,  air  and  open  space,   defective  design  and arrangement of buildings, lack of proper sanitary   facilities, and the existence of buildings, which,  by  reason  of  age,   obsolescence,  inadequate  or outmoded design, or physical deterioration   have  become  economic  or  social  liabilities,  or  both;  that   such   conditions are prevalent in areas where substandard, insanitary, outworn   or  outmoded  industrial,  commercial  or residential buildings prevail;   that such conditions impair the economic value of large areas, infecting   them with economic blight, and that  such  areas  are  characterized  by   depreciated  values,  impaired  investments, and reduced capacity to pay   taxes; that such conditions are chiefly in areas which are so subdivided   into small parcels in divided ownerships and frequently  with  defective   titles,  that  their  assembly  for  purposes  of clearance, replanning,   rehabilitation and reconstruction is  difficult  and  costly;  that  the   existence   of  such  conditions  and  the  failure  to  clear,  replan,   rehabilitate or reconstruct these areas results in a loss of  population   by  the  areas  and further deterioration, accompanied by added costs to   the communities for creation  of  new  public  facilities  and  services   elsewhere;  that  it  is  difficult and uneconomic for individual owners   independently to  undertake  to  remedy  such  conditions;  that  it  is   desirable  to  encourage owners of property or holders of claims thereon   in such areas to join together and with outsiders  in  corporate  groups   for  the  purpose  of  the  clearance,  replanning,  rehabilitation  and   reconstruction of such areas by joint action; that it  is  necessary  to   create,  with  proper  safeguards, inducements and opportunities for the   employment of private investment and equity capital  in  the  clearance,   replanning,  rehabilitation  and reconstruction of such areas; that such   conditions require the employment  of  such  capital  on  an  investment   rather  than  a speculative basis, allowing however, the widest latitude   in the amortization of  any  indebtedness  created  thereby;  that  such   conditions  further  require  the acquisition at fair prices of adequate   areas, the  gradual  clearance  of  such  areas  through  demolition  of   existing  obsolete,  inadequate, unsafe and insanitary buildings and the   redevelopment of such areas under proper  supervision  with  appropriate   planning,  land  use  and  construction  policies;  that  the clearance,   replanning, rehabilitation and reconstruction of such areas on  a  large   scale  basis  are  necessary for the public welfare; that the clearance,   replanning, reconstruction and rehabilitation of such areas  are  public   uses  and purposes for which private property may be acquired; that such   substandard and insanitary areas constitute  a  menace  to  the  health,   safety,  morals,  welfare  and reasonable comfort of the citizens of the   state; that such  conditions  require  the  creation  of  the  agencies,   instrumentalities  and  corporations  hereinafter  described,  which are   hereby declared to be agencies and instrumentalities of the  state,  for   the  purpose  of  attaining the ends herein recited; that the protection   and promotion of the health,  safety,  morals,  welfare  and  reasonable   comfort  of the citizens of the state are matters of public concern; and   the necessity in the public  interest  for  the  provisions  hereinafter   enacted is hereby declared as a matter of legislative determination.