What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7571
Title of bill
An act to amend the private housing finance law, in relation to labor union financed housing
Purpose
To provide for the creation of workforce housing for those working families unable to afford unsubsidized housing because of lack of sufficient income, and unable to qualify for affordable housing because their income exceeds New York City's adjusted median income (AMI).
Summary of provisions
Section 1 amends the private housing finance law by adding a new section 1154 that provides New York City with the ability to finance workforce housing.
Section 2 provides that the act shall take effect immediately.
Justification
The newly elected Mayor of the City of New York has committed to the creation of 200,000 units of affordable housing to meet the needs of 46% of its population which can be currently be defined as living in poverty. This bill seeks to expand the financing available to meet those goals at a time when Federal subsidies have been reduced, higher income households at 130 % and higher are competing for available safe and sanitary quality housing, wages are stagnant for unskilled, semi-skilled and entry level professionals and a contingent workforce appears to be the employment paradigm for millenials.
The City is at a risk of losing an essential municipal workforce, despite the residency requirements, as well as the service providers for the private sector due to the lack of affordable housing. Many of the individuals who have been marginalized with regard to affordable housing are members of collective bargaining unions. Permitting the collective bargaining organizations to become partners with municipal State and private sector partners to finance and develop affordable housing targeted, in part to their membership and other workers in the private sector would be both a union membership and public benefit.
Legislative history
None. New bill.
Fiscal implications
TBD
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.