Late last week, in a victory for smart growth advocates across the state, the New York State legislature passed the Land Bank Act (A373A/S663A). Now awaiting signature into law by Governor Andrew Cuomo, the legislation would allow towns and cities in New York State to create land banks – entities that can hold and manage vacant and abandoned properties and return them to productive use.
New York’s Land Bank Act would provide major benefits to local economies by reversing cycles of decline and improving property values in communities across the state. Assemblyman Sam Hoyt, the bill’s lead sponsor in the Assembly, described the positive economic impacts land banks can provide in a recent press release about the bill:
“Just as one vacant building can set off a cycle of contagious blight, with declining property values leading to further abandonments, a smart redevelopment plan, implemented by a land bank that can acquire, hold and assemble parcels of land for development, green space, or public works projects can reverse this non-virtuous cycle. Their work adds value to surrounding properties and strengthens local real estate markets.”