Enacts the "accessory dwelling unit incentive act"

• Democratic6

◆ The sponsor's argument

Why Michelle Hinchey says this is needed

Millions of New York renters and homeowners are struggling to afford exorbitant housing costs statewide. This has caused individuals and families to forego other necessities, face threats of eviction, and confront the possibility of having to leave their communities for lower cost locations. Statewide median rental costs rose by nearly 13% with adjustments for inflation from 2007 to 2017 compared to a 2.5% increase in median household incomes for renters in that same period, and housing affordability challenges have only been exacerbated by the COVID-19 pandemic. New York State is now at a crisis point in the availability of afforda- ble housing. Notably, the creation of accessory dwelling units, attached or detached units that allow for independent living on an existing resi- dential property, is a proven way to increase the amount of housing in a permitting community. However, one of the largest impediments to the creation of accessory dwelling units, where allowable, is the upfront capital costs of permitting, designing, and constructing and other impediments to affordability. The purpose of this act is to create a forgivable loan program, provide an income tax credit, and a real prop- erty tax exemption to incentivize property owners to construct accessory dwelling units where such units are permitted.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.