LOCAL LAW NO. "G" FOR 2025
A LOCAL LAW DESIGNATING THE DEVELOPMENT OF AFFORDABLE HOUSING AS A GOVERNMENTAL AND PUBLIC PURPOSE OF THE COUNTY OF ALBANY, NEW YORK
Introduced: 7/14/25
By Cunningham, Willingham, Feeney, Alix, Beston, Cleary, Efekoro, Ethier, Gillespie, Lane, Laurilliard, Lekakis, Miller, Pedo, Plotsky, Ricard, Rosano and Whalen:
BE IT ENACTED BY THE LEGISLATURE OF THE COUNTY OF ALBANY AS FOLLOWS:
Section 1. Title.
The Albany County Affordable Housing Initiatives, is hereby created.
Section 2. Legislative Findings and Intent.
Affordable housing is one of the greatest challenges throughout New York State, and Albany County is no different. It is traditionally accepted that people should pay no more than thirty percent (30%) of the area's median income for housing. But nearly fifty percent (41%) of Albany County renters are spending over 30% of their income on housing. Annually, renters' purchasing power fails to keep up with increasing rent. From 2022 to 2023, renter's wages increased by an average of 3.3%, while apartment rents increased by an average of 8.8%. As rents continue to climb, this crisis continues to grow.
Beyond renting, individuals making the median income in Albany County cannot afford homeownership either. Single-income households with median incomes face a significant shortfall on their annual mortgage, even under generous interest and loan terms, a shortfall that wouldn't be fully bridged in a multi-income household. Too many residents in Albany County are financially unable to purchase homes within the County. With homeownership directly tied to the growth of generational wealth, educational attainment, and family stability, it is imperative that this crisis is addressed.
An increase in housing supply, both in the rental and ownership markets, will aid in easing the financial burden on renters and owners in the County. However, affordable housing development faces substantial challenges. Interested parties struggle t...
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