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Hochul signs Hinchey bill tracking vacancies

Dec 14, 2023 12:12 am

Paul Kirby reports for the Daily Freeman that Gov. Kathy Hochul has signed into law state Sen. Michelle Hinchey’s bill, S1684A, that requires property owners to submit accurate vacancy rate surveys. The law, “specifies that property owners must provide the latest rent rolls and, if possible, records from the past three years upon municipal request and within a timeframe designated by the municipality.” A vacancy rate below five percent triggers "housing crisis" measures to free up more spaces. Hinchey said, “Our communities face a dire lack of housing supply, and having accurate vacancy rate data that shows how many homes are available is a vital tool that can help municipalities stabilize rents in a housing crisis.... My bill was needed to close a loophole that allowed property owners to evade vacancy rate surveys, and now, the law is clear – property owners must provide accurate data when a municipality requests a survey. This measure is essential for the Hudson Valley and all New York State communities to get the data they need to tackle the housing crisis and keep residents housed and safe.” Most local and state officials have acknowledged that there is an affordable housing crisis locally and throughout the New York. Read more about this story in the Daily Freeman.