Prohibits rent minimums in mortgages

Prohibits rent minimums in all mortgages regardless of when issued.

VETO MESSAGE - No. 32 TO THE ASSEMBLY: I am returning herewith, without my approval, the following bill: Assembly Bill Number 174, entitled: "AN ACT to amend the real property law, in relation to prohibiting rent minimums in mortgages" NOT APPROVED This bill would prohibit mortgage lenders from penalizing borrowers for not setting a high enough rent on their mortgaged real property. The bill would retroactively invalidate any loan terms that conflict with the bill's broad proscription. I am dedicated to increasing affordability across New York State. I have put addressing New York's housing crisis at the top of my agenda, instituting a $25 billion, Five-Year Housing Plan to create and preserve over 100,000 affordable homes statewide, enacting landmark housing legislation over the past two budgets incentivizing affordable housing across New York State, and creating new protections for ten...