New York has issued guidance to commercial insurers that they are prohibited from inquiring about or making coverage decisions based on a property’s status as an affordable housing development or a tenant’s source of income.
The guidance is in a circular letter from the New York State Department of Financial Services (DFS) that implements a new law signed in April by Governor Kathy Hochul. The new law is part of the state’s efforts to build more affordable housing and prevent unfair discrimination in real estate sales and rentals.
“With this new guidance, we are putting insurers on notice: New York will not tolerate bias against our affordable housing providers,” Hochul said. “Insurance discrimination drives u