Weekly Report for August 28, 2020
State lawmakers propose tax incentives for ‘recovery lease’ program
In response to COVID-19, State Senator Brian Kavanagh and Assemblymember Yuh-Line Niou are proposing a new bill to create a “recovery lease” program to incentivize commercial landlords to renegotiate leases and offer long-term, affordable rents to small business owners in exchange for property tax breaks. The program would grant property tax abatements to building owners who enter into recovery leases that last at least ten years and limit annual rent increases. The bill also has support from NYC Council Members Brad Lander and Keith Powers. Read more here.
Realtor.com announces new flood risk tool feature
Realtor.com has rolled out a new property listing feature called Flood Factor, an online flood risk visualization tool that enables consumers to access comprehensive flood risk information specific to each individual property, including the FEMA flood zone and a risk score ranging from 1-to-10. Real estate professionals are a source of property information, and not flood experts. Avoid making statements beyond your license and training or discouraging clients from considering credible flood risk tools or flood insurance. Read more here.
State lawmakers renew push for pied-a-terre tax in NYC
State Senator Brad Hoylman and Assemblymember Deborah Glick introduced an amended bill to impose an additional tax on owners of non-primary residence properties in New York City valued at over $5 million and condos and coops with assessed values over $300,000. The tax proposal failed to advance last year. The bill has been amended to address a technical issue dealing with how the tax would be imposed on coops, since buildings pay a single property tax bill. NYSAR has been in contact with Senator Hoylman’s staff and requested a meeting for more details on the proposal. Read more here.
Weekly Report for August 21, 2020
Governor Cuomo signs election reforms, allows all NYers to vote by mail
On Thursday, Governor Cuomo signed new election reforms into law allowing all New York voters to vote by absentee ballot for the general election if they are concerned about the risks of COVID-19. Voters are also allowed to request absentee ballots immediately, rather than having to wait until 30 days before Election Day. All ballots postmarked on the day of the election, November 3, will now also be counted. Read more here.
Make sure you are registered to vote #RealtorsVote
The deadline to register to vote or change your voting address is October 14. You can now request an absentee ballot from your local county board of elections if you are concerned with the risks of COVID-19. Your vote in this presidential election will also collectively determine the elections of a new state legislature, congress members, and the outcome of many local governments. That’s why #RealtorsVote.
Weekly Report for August 14, 2020
NY Courts extend eviction moratorium until October 1
A new directive, issued by New York State Chief Administrative Judge, mandates that no existing or new residential eviction warrants can be executed until October 1 at the earliest. Last week, Governor Cuomo signed a new order that continued a suspension on eviction proceedings through September 5. However, the state judge’s memo interpreting that order went a step further and extended the court’s pause on evictions weeks beyond that date. Read more here.
Take Action: Proposal to restrict real estate marketing practices in Brooklyn
The Department of State recently issued a proposed cease and desist zone that would cover parts of the neighborhoods of Cypress Hill and East New York in Brooklyn. The new zone could become effective November 1, 2020. NYSAR strongly opposes the creation of a new cease and desist zone, which would impose severe restrictions on the marketing practices of REALTORS doing business in Brooklyn. Learn more and Take Action here.
NAR urges Congress to support rental assistance
NAR joined a coalition of real estate industry groups to seek relief for multifamily properties. NAR is urging Congress to support rental assistance to ensure families that are financial struggling as a result of the pandemic do not lose their homes. This assistance should be provided directly to housing providers to make their rent payments which will help ensure property owners are able to fulfill their financial obligations including mortgage payments, insurance, utilities and taxes.
Read the Coalition Letter to Congress.
Weekly Report for August 7, 2020
NYSAR launches Call for Action opposing cease and desist zone in Brooklyn
The Department of State has issued a newly proposed cease and desist zone that would cover parts of the neighborhoods of Cypress Hill and East New York in Brooklyn. The new zone could become effective November 1, 2020. NYSAR strongly opposes the creation of a new cease and desist zone, which would impose restrictions on the marketing practices of REALTORS doing business in Brooklyn. Learn more and Take Action here.
Governor Cuomo extends permission of electronic notarization
On August 5, Governor Cuomo signed an Executive Order extending to September 4, 2020, the permission of electronic notarization. NYSAR supports allowing virtual notarization and has urged the governor to extend its allowance. You can find more information on the Department of State website here.
Governor Cuomo extends eviction moratorium for pre-pandemic evictions
Governor Cuomo late Wednesday signed a 30-day extension of the eviction moratorium for those facing eviction before the pandemic. The Office of Court Administration is reviewing the governor’s executive order and will decide if it will continue to suspend deadlines through September 4. Tenants impacted by the pandemic are protected by the state’s Tenant Safe Harbor Act, signed into law in late June. Read more here.
Rep. Maloney and Torres declared winners in tight congressional primaries
After six weeks of delays, the New York City Board of Elections confirmed results in a pair of congressional primary races on Tuesday evening, declaring victories for Democratic incumbent Rep. Carolyn Maloney and Ritchie Torres who won a 12-way Democratic primary. Read more here.