Establishes the block by block homeownership program

• Democratic1

◆ The sponsor's argument

Why the sponsor says this is needed

There are currently 13,000 residential vacant lots in the City of Buffalo, including roughly 7,500 owned by the city. These vacant lots currently sit languishing, providing little to no tax revenue to the city or county. They also serve as a source of blight for communities, driving down the value of surrounding homes. Utilizing infill housing that matches the style of the community will simultaneously increase supply, making housing more affordable for new buyers, while improving the quality of the neighborhoods in which they are built, which will increase the value of surrounding homes. In addition, these new homes will generate millions in tax revenue that can be used to further improve the livability and desirability of the cities in which they are built. Housing prices are on the rise throughout the state. In many areas the culprit is a low supply of turn-key ready real estate on the market. Buffalo is a prime example of this phenomenon, as supply has consistent- ly failed to keep pace with demand. Out of the largest 100 metro areas in the United States, Buffalo ranked second to last in housing supply as of January 2023, with just over a month's worth of housing supply. When combined with the rising population in the city, a perfect storm of low supply and high demand has created an extremely tight housing market, making it difficult for new homebuyers to enter the market. This is a common pattern across upstate cities, including Rochester, Syracuse, Albany, and Binghamton. Housing is also an economic and racial justice issue. In the City of Buffalo, two-thirds of households make less than $70,000. Combined with home prices that have been inflated by low supply, this means that the mortgage payment on an average home is a significant obstacle to those who might want to enter the housing market. This problem is exacerbated when considering the housing gap between white households and black households. While homeownership rates for white people have risen to more than 70% nationwide, the black homeownership rate has stayed stag- nant at around 34%. Research has found that the gap in Buffalo is even wider than the national average. Addressing this gap should be a priori- ty for the state, and one of the best ways that goal can be accomplished is by increasing housing supply and lowering housing costs. The Block-by-Block Program seeks to remedy these issues by building one- and two-family homes on vacant lots that fit the aesthetic of existing neighborhoods, and selling them at affordable prices to low and moderate income individuals and families across upstate New York, with a focus on Buffalo, Rochester, Syracuse, Albany, and Binghamton.

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.