New York Governor Hochul Signs Bills Expanding Homeownership Protecting Renters

Governor Kathy Hochul has signed a comprehensive housing legislation package aimed at expanding homeownership opportunities and enhancing protections for renters across New York. The laws introduce tax incentives for first-time and low- to middle-income homebuyers, enable municipalities to redevelop vacant properties into affordable housing, and add real estate appraisers to the state's Human Rights Law to combat discriminatory appraisals. Notably, the package bans landlords from using AI or algorithmic tools to increase rent prices, a practice that reportedly caused $3.8 billion in rent hikes last year. Additional renter protections include extending security deposit protections to rent-regulated tenants, capping bounced check fees, and securing succession rights in public housing to prevent displacement. Governor Hochul emphasized that these measures aim to provide all New Yorkers with a fair chance at stable, affordable housing, reaffirming the state's commitment to housing fairness and affordability. The legislation reflects a significant step toward addressing New York's housing affordability crisis by opening more doors to homeownership and safeguarding renters from unfair practices.