One of the strategies to address the problems of vacant properties, including foreclosures, is through the creation of land banks. 

Governor Andrew M. Cuomo today signed a law allowing municipalities to create land banks to convert vacant properties into uses that support community revitalization.

Land banks are local entities authorized to take control and redevelop vacant or abandoned properties to where they can better serve the public interest. With many Upstate municipalities suffering from an overabundance in vacant and abandoned properties due to population losses, land banks will give cities and counties a new tool to rebuild communities and foster local economic development.

"Land banks will finally give local authorities the much-needed ability to take community redevelopment into their own hands," Governor Cuomo said. "Abandoned buildings and properties have brought blight and desolation to many communities. This legislation will allow for new economic development projects and improve neighborhoods across New York state. I included the creation of land banks in my urban agenda as a way to help transform our struggling urban communities. I thank Senator Valesky, Assemblyman Hoyt, and the Legislature for their attention to this issue and working to pass this bill."

The complete release is at this website:  http://www.governor.ny.gov/press/072911landbanklegislation