N.Y. PVH Law § 201

§ 201. Legislative finding, policy of state, and purpose of article.\nIt is hereby declared that in the cities of the state substandard and\ninsanitary areas exist which have resulted from inadequate planning,\nexcessive land coverage, lack of proper light, air and open space,\ndefective design and arrangement of buildings, lack of proper sanitary\nfacilities, and the existence of buildings, which, by reason of age,\nobsolescence, inadequate or outmoded design, or physical deterioration\nhave become economic or social liabilities, or both; that such\nconditions are prevalent in areas where substandard, insanitary, outworn\nor outmoded industrial, commercial or residential buildings prevail;\nthat such conditions impair the economic value of large areas, infecting\nthem with economic blight, and that such areas are characterized by\ndepreciated values, impaired investments, and reduced capacity to pay\ntaxes; that such conditions are chiefly in areas which are so subdivided\ninto small parcels in divided ownerships and frequently with defective\ntitles, that their assembly for purposes of clearance, replanning,\nrehabilitation and reconstruction is difficult and costly; that the\nexistence of such conditions and the failure to clear, replan,\nrehabilitate or reconstruct these areas results in a loss of population\nby the areas and further deterioration, accompanied by added costs to\nthe communities for creation of new public facilities and services\nelsewhere; that it is difficult and uneconomic for individual owners\nindependently to undertake to remedy such conditions; that it is\ndesirable to encourage owners of property or holders of claims thereon\nin such areas to join together and with outsiders in corporate groups\nfor the purpose of the clearance, replanning, rehabilitation and\nreconstruction of such areas by joint action; that it is necessary to\ncreate, with proper safeguards, inducements and opportunities for the\nemployment of private investment and equity capital in the clearance,\nreplanning, rehabilitation and reconstruction of such areas; that such\nconditions require the employment of such capital on an investment\nrather than a speculative basis, allowing however, the widest latitude\nin the amortization of any indebtedness created thereby; that such\nconditions further require the acquisition at fair prices of adequate\nareas, the gradual clearance of such areas through demolition of\nexisting obsolete, inadequate, unsafe and insanitary buildings and the\nredevelopment of such areas under proper supervision with appropriate\nplanning, land use and construction policies; that the clearance,\nreplanning, rehabilitation and reconstruction of such areas on a large\nscale basis are necessary for the public welfare; that the clearance,\nreplanning, reconstruction and rehabilitation of such areas are public\nuses and purposes for which private property may be acquired; that such\nsubstandard and insanitary areas constitute a menace to the health,\nsafety, morals, welfare and reasonable comfort of the citizens of the\nstate; that such conditions require the creation of the agencies,\ninstrumentalities and corporations hereinafter described, which are\nhereby declared to be agencies and instrumentalities of the state, for\nthe purpose of attaining the ends herein recited; that the protection\nand promotion of the health, safety, morals, welfare and reasonable\ncomfort of the citizens of the state are matters of public concern; and\nthe necessity in the public interest for the provisions hereinafter\nenacted is hereby declared as a matter of legislative determination.\n