NY Priv Hous Fin L § 101 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 101 - Policy of State and Purpose of Act.

§  101.    Policy  of state and purpose of act.  It is hereby declared   that in certain areas of municipalities located within this state  there   exist  substandard conditions and insanitary housing conditions owing to   obsolescence, deterioration and dilapidation of buildings, or  excessive   land  coverage,  lack  of  planning, of public facilities, of sufficient   light, air and space, and improper  design  and  arrangement  of  living   quarters;  that  there  is  not  in  such  areas  a sufficient supply of   adequate, safe and sanitary dwelling accommodations properly planned and   related to public  facilities;  that  modern  standards  of  urban  life   require  the  housing  be  related  to  adequate  and  convenient public   facilities; that the aforesaid  substandard  and  insanitary  conditions   depress  and  destroy the economic value of large areas and by impairing   the  value  of  private  investments  threaten  the  sources  of  public   revenues;  that  the public interest requires the clearance, replanning,   reconstruction and neighborhood rehabilitation of such  substandard  and   insanitary  areas, together with adequate provision for recreational and   other facilities incidental and appurtenant  thereto  according  to  the   requirements  of  modern urban life and that such clearance, replanning,   reconstruction and neighborhood  rehabilitation  are  essential  to  the   protection  of  the  financial stability of such municipalities; that in   order to protect the sources  of  public  revenue  it  is  necessary  to   modernize  the  physical  plan  and conditions of urban life; that these   conditions cannot be remedied by  the  ordinary  operations  of  private   enterprise;  that  provision must be made to encourage the investment of   funds in corporations, partnerships  and  trusts  engaged  in  providing   redevelopment facilities to be constructed according to the requirements   of  city  planning  and  in  effectuation  of  official  city  plans and   regulated by law as to  profits,  dividends  and  disposition  of  their   property  or franchises; that provision must be made to enable insurance   companies to provide such facilities, subject to regulation by law as to   the return from such facilities and the disposition of property acquired   for such  purpose;  and  that  provision  must  also  be  made  for  the   acquisition  for  such  corporations,  partnerships,  limited  liability   companies and trusts and companies  at  fair  prices  of  real  property   required   for  such  purposes  in  substandard  areas  and  for  public   assistance of  such  corporations,  partnerships  and  trusts  and  such   companies   by   the  granting  of  partial  tax  exemptions;  that  the   cooperation of the state and its subdivisions is necessary to accomplish   such  purposes;  that  the  clearance,  replanning  and  reconstruction,   rehabilitation and modernization of substandard and insanitary areas and   the  provision  of adequate, safe, sanitary and properly planned housing   accommodations  in  effectuation  of  official  city   plans   by   such   corporations,  partnerships,  limited liability companies and trusts and   such companies in these areas are public uses  and  purposes  for  which   private  property  may  be acquired for such corporations, partnerships,   limited liability companies and trusts and such  companies  and  partial   tax  exemption  granted  for  such  corporations,  partnerships, limited   liability companies and trusts and such companies; that these conditions   require the creation of the agencies,  instrumentalities,  corporations,   partnerships  and  trusts  hereinafter  prescribed  for  the  purpose of   attaining the ends herein recited;  and  the  necessity  in  the  public   interest  for the provisions hereinafter enacted is hereby declared as a   matter of legislative determination.