§ 2401. Legislative findings. * It is hereby found and declared that\nthere continues to exist throughout the state a seriously inadequate\nsupply of safe and sanitary dwelling accommodations, including\naccommodations for persons and families of low income, and a seriously\ninadequate supply of credit available for new residential improvement\nloans at carrying charges within the financial means of persons and\nfamilies of low or moderate income. This condition is contrary to the\npublic interest and threatens the health, safety, welfare, comfort and\nsecurity of the people of the state. It is found and declared that one\nmajor cause of this condition has been recurrent, cyclical shortages of\nfunds in private banking channels available for residential mortgages.\nSuch shortages have contributed to drastic reductions in construction\nstarts of new residential units. In addition, they have made the sale\nand purchase of existing residential units a virtual impossibility in\nmany parts of the state. The ordinary operations of private enterprise\nhave not in the past corrected these conditions.\n * NB Effective until July 23, 2027\n * It is hereby found and declared that there continues to exist\nthroughout the state a seriously inadequate supply of safe and sanitary\ndwelling accommodations, including accommodations for persons and\nfamilies of low income. This condition is contrary to the public\ninterest and threatens the health, safety, welfare, comfort and security\nof the people of the state. It is found and declared that one major\ncause of this condition has been recurrent, cyclical shortages of funds\nin private banking channels available for residential mortgages. Such\nshortages have contributed to drastic reductions in construction starts\nof new residential units. In addition, they have made the sale and\npurchase of existing residential units a virtual impossibility in many\nparts of the state. The ordinary operations of private enterprise have\nnot in the past corrected these conditions.\n * NB Effective July 23, 2027\n It is further found and declared that the drastic reduction in\nresidential construction starts associated with such shortages have\ncaused a condition of substantial unemployment and underemployment in\nthe construction industry which results in hardships to many individuals\nand families, wastes vital human resources, increases the public\nassistance burdens of the state and municipalities, impairs the security\nof family life, impedes the economic and physical development of\nmunicipalities and adversely affects the welfare and prosperity of all\nthe people of the state. A stable supply of adequate funds for\nresidential mortgages is required to spur new housing starts in an\norderly and sustained manner and thereby to reduce the hazards of\nunemployment and underemployment in the construction industry. The\nunaided operations of private enterprise have not met and cannot meet\nthe need for a stable supply of adequate funds for residential mortgage\nfinancing.\n It is further found and declared that these conditions associated with\nsuch recurrent shortages of residential mortgage funds contribute to the\npersistence of slums and blight and to the deterioration of the quality\nof the environment and living conditions of a large number of persons\nresiding in the state of New York, have adversely affected the economy\nof the state as a whole and are contrary to the declared policy of the\nstate to promote a vigorous and growing economy, to prevent economic\nstagnation, to increase revenues to the state and to its municipalities\nand to achieve stable local economies.\n * Based upon the experience of the past, most recently during the\nperiods of illiquidity which occurred in nineteen hundred sixty-six and\nagain in nineteen hundred sixty-nine, shortages of funds for residential\nmortgages in the private banking system can be expected to recur from\ntime to time in varying degrees of severit
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