Section 201. Legislative finding, policy of state, and purpose of article

It is hereby declared that in the cities of the  state  substandard  and
  insanitary  areas  exist  which  have resulted from inadequate planning,
  excessive land coverage, lack of  proper  light,  air  and  open  space,
  defective  design  and arrangement of buildings, lack of proper sanitary
  facilities, and the existence of buildings, which,  by  reason  of  age,
  obsolescence,  inadequate  or outmoded design, or physical deterioration
  have  become  economic  or  social  liabilities,  or  both;  that   such
  conditions are prevalent in areas where substandard, insanitary, outworn
  or  outmoded  industrial,  commercial  or residential buildings prevail;
  that such conditions impair the economic value of large areas, infecting
  them with economic blight, and that  such  areas  are  characterized  by
  depreciated  values,  impaired  investments, and reduced capacity to pay
  taxes; that such conditions are chiefly in areas which are so subdivided
  into small parcels in divided ownerships and frequently  with  defective
  titles,  that  their  assembly  for  purposes  of clearance, replanning,
  rehabilitation and reconstruction is  difficult  and  costly;  that  the
  existence   of  such  conditions  and  the  failure  to  clear,  replan,
  rehabilitate or reconstruct these areas results in a loss of  population
  by  the  areas  and further deterioration, accompanied by added costs to
  the communities for creation  of  new  public  facilities  and  services
  elsewhere;  that  it  is  difficult and uneconomic for individual owners
  independently to  undertake  to  remedy  such  conditions;  that  it  is
  desirable  to  encourage owners of property or holders of claims thereon
  in such areas to join together and with outsiders  in  corporate  groups
  for  the  purpose  of  the  clearance,  replanning,  rehabilitation  and
  reconstruction of such areas by joint action; that it  is  necessary  to
  create,  with  proper  safeguards, inducements and opportunities for the
  employment of private investment and equity capital  in  the  clearance,
  replanning,  rehabilitation  and reconstruction of such areas; that such
  conditions require the employment  of  such  capital  on  an  investment
  rather  than  a speculative basis, allowing however, the widest latitude
  in the amortization of  any  indebtedness  created  thereby;  that  such
  conditions  further  require  the acquisition at fair prices of adequate
  areas, the  gradual  clearance  of  such  areas  through  demolition  of
  existing  obsolete,  inadequate, unsafe and insanitary buildings and the
  redevelopment of such areas under proper  supervision  with  appropriate
  planning,  land  use  and  construction  policies;  that  the clearance,
  replanning, rehabilitation and reconstruction of such areas on  a  large
  scale  basis  are  necessary for the public welfare; that the clearance,
  replanning, reconstruction and rehabilitation of such areas  are  public
  uses  and purposes for which private property may be acquired; that such
  substandard and insanitary areas constitute  a  menace  to  the  health,
  safety,  morals,  welfare  and reasonable comfort of the citizens of the
  state; that such  conditions  require  the  creation  of  the  agencies,
  instrumentalities  and  corporations  hereinafter  described,  which are
  hereby declared to be agencies and instrumentalities of the  state,  for
  the  purpose  of  attaining the ends herein recited; that the protection
  and promotion of the health,  safety,  morals,  welfare  and  reasonable
  comfort  of the citizens of the state are matters of public concern; and
  the necessity in the public  interest  for  the  provisions  hereinafter
  enacted is hereby declared as a matter of legislative determination.