ROTTERDAM, NY – In response to a growing backlog of vacant, bank‑owned homes, Assemblyman Angelo Santabarbara (D‑Rotterdam) has introduced a bill that would compel banks to either sell foreclosed properties within six months or move them to a public auction. The measure is intended to put more housing stock back on the market and help families achieve homeownership.
Why the bill is needed
During the COVID‑19 pandemic and after the state’s housing moratorium ended, New York saw a surge in foreclosures and abandoned homes. In the 2022‑2023 fiscal year, more than 400 foreclosed properties changed hands, but the pace has slowed since the pandemic’s peak. Local real‑estate professionals say many of these homes sit idle, deteriorate, and become unaffordable for typical buyers because banks often delay auctioning them.
Voices from the field
“Nothing’s really happening with them. Some of them need repairs, and they’re not getting those repairs,” Santabarbara said. Real‑estate agent Rebecca Cavaleri added, “The property is becoming decrepit because nobody’s taking care of it, which again pushes it out of that market for your typical home buyer because they’re not able to come in and do all the work.” She also warned that vacant homes may have utility shut‑offs, frozen pipes, or former owners still residing on the premises.
Legislative details
The proposed legislation would set a six‑month deadline for banks to either sell a foreclosed home to a private buyer or list it for a public auction. If a bank fails to meet the deadline, the property would be forced to auction, ensuring it re‑enters the market more quickly. Santabarbara emphasized that the goal is to give prospective buyers a fair chance to purchase homes that would otherwise sit empty.
Political perspectives
Republican Assembly candidate Nick Sokaris, who is running for the 111th district, praised the bill’s focus on reducing housing costs but cautioned against a blanket six‑month mandate. “My proposal takes a comprehensive approach to reducing housing costs by streamlining state approvals, removing unnecessary regulatory barriers, encouraging rehabilitation and adaptive reuse of existing properties, and reviewing costly building requirements, all while preserving local control,” Sokaris said. He added, “Imposing another statewide mandate requiring banks to sell within six months or face forced auctions raises important questions about unintended consequences.”
Potential impact
If enacted, the bill could increase the supply of affordable homes in the Capital Region, giving families more options and potentially stabilizing neighborhoods currently burdened by blighted properties. Supporters argue that quicker turnover will lower maintenance costs for municipalities and reduce the visual decay that can depress surrounding property values.
Next steps
Santabarbara indicated that the bill has been formally introduced and may be packaged with other housing‑related measures in a larger legislative effort. The proposal will now move to the Assembly Committee on Housing for review and public testimony before a vote is scheduled later in the session.
Original reporting: CBS 6 WRGB Albany (local) — read the source article.
