A.
There exist in the City insanitary or unsafe dwelling accommodations, and persons of low income are forced to reside in such insanitary or unsafe accommodations; and in the City there is a shortage of safe or sanitary dwelling accommodations available at rents which persons of low income can afford, and such persons are forced to occupy overcrowded and congested dwelling accommodations. The aforesaid conditions cause an increase in and spread of disease and crime and constitute a menace to the health, safety, morals and welfare of the residents of the City and impair economic values, and those conditions necessitate excessive and disproportionate expenditures of public funds for crime prevention and punishment, public health and safety, fire and accident protection and other public services and facilities.
B.
These areas in the City cannot be cleared, nor can the shortage of safe and sanitary dwellings for persons of low income be relieved, through the operation of private enterprise, and the construction of housing projects for persons of low income, as defined in the Local Housing Authorities Law, would therefore not be competitive with private enterprise.
C.
The clearance, replanning and reconstruction of the areas in which insanitary or unsafe housing conditions exist and the providing of safe and sanitary dwelling accommodations by any public body for persons of low incomes are public uses and purposes for which public money may be spent and private property acquired and are governmental functions.
D.
It is in the public interest that work on projects for such purposes be commenced as soon as possible in order to relieve unemployment.