A legislative package signed by Governor Kathy Hochul this week aims to bolster homeownership and strengthen protections for renters in New York. Hochul says the homeowner package will make homeownership more attainable through tax incentives and strengthens laws and policies to combat home appraisal discrimination. Meanwhile, the renters package will strengthen protections for tenants statewide including extending protections on security deposits, limits on excessive fees for bounced checks, and banning collusion using algorithm-enabled rent price fixing used to inflate rents.
The homeowner package contains four new laws that do the following:
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- Create an affordable homebuyer opt-in property tax incentive for homes built with assistance from governmental entities,…