S03751 Summary:
| BILL NO | S03751 |
| SAME AS | No Same As |
| SPONSOR | CLEARE |
| COSPNSR | |
| MLTSPNSR | |
| Requires educational institutions with an endowment of 10 billion dollars or more to incorporate thirty percent affordable housing units in any property owned by such institution that provides any form of housing. | |
S03751 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 3751 2025-2026 Regular Sessions IN SENATE January 29, 2025 ___________ Introduced by Sen. CLEARE -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to require educational institutions with an endowment of over ten billion dollars to provide a certain percentage of affordable housing units The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Notwithstanding any other provision of law or any rule or 2 regulation to the contrary, any educational institution which has an 3 endowment of over ten billion dollars, and which is located in a city 4 with a population of one million or more, shall incorporate thirty 5 percent affordable housing units, as defined by subparagraph (xv) of 6 paragraph (a) of subdivision 16 of section 421-a of the real property 7 tax law, in any property owned by such institution which provides any 8 form of housing. 9 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08129-01-5