N.Y. PVH Law § 450

§ 450. Policy and purposes of article. It is hereby declared that\nthere exists in municipalities in this state a seriously inadequate\nsupply of safe and sanitary dwelling accommodations; that such shortage\nconstitutes an emergency and a grave menace to the health, safety,\nmorals, welfare and comfort of citizens of this state; that existing\nconditions of deterioration of housing marked by noncompliance with the\nmultiple dwelling law or local housing codes threaten a further decrease\nin such supply; that rehabilitation and improvement of dwellings to\nprolong the useful life of such dwellings may be necessary to arrest\nsuch conditions of deterioration; that the elimination of such\nconditions by rehabilitation or other improvement cannot readily be\nprovided by the ordinary unaided operation of private enterprise without\npublic aid in the form of low interest loans or grants to owners of such\nmultiple dwellings; that such rehabilitation or other improvement of\nsuch dwellings to bring them into conformance with the multiple dwelling\nlaw and local housing codes is a public use, a public purpose and a city\npurpose for which public money may be loaned or granted by a\nmunicipality and for which indebtedness may be contracted by a\nmunicipality; that such conditions require the provisions hereinafter\nenacted, and the necessity in the public interest for the provisions\nhereinafter enacted is hereby declared as a matter of legislative\ndetermination.\n