New York Governor Andrew Cuomo today signed legislation allowing towns to create land banks, which convert vacant properties into community revitalizing projects.
The land banks are local groups that work to redevelop abandoned land so that it could “better serve the public interest,” according to a press release. Many municipalities upstate have apparently experienced population losses and therefore have an abundance of vacant properties that the land banks, which operate under the New York State Urban Development Corporation, can use.
The law will also allow properties to be redeveloped or resold in order to meet the local demand of buildings.
“Land banks will finally give local authorities the much-needed ability to take community redevelopment into their own hands,” Cuomo said in a statement. “Abandoned buildings and properties have brought blight and desolation to many communities. This legislation will allow for new economic development projects and improve neighborhoods across New York state. — Russell Steinberg