August 2022
Weekly Report for August 26, 2022
Congressional and State Senate Primary Results
New York’s second primary election of the summer, held on Tuesday, August 23rd, featured contests to determine who will run in the November general elections for the House of Representatives and State Senate. Incumbents were largely successful in these primaries, although there were several open seats due to redistricting and incumbents’ retiring or running for other public offices. Two special congressional elections were also held. A summary of the primary and special elections can be found here.
MTA Begins Public Hearings on Proposed Congestion Pricing Program
On Thursday, August 25, the Metropolitan Transportation Authority (MTA) held the first of six virtual public hearings for the proposed Congestion Pricing Program in New York City. The hearings will conclude Wednesday, August 31. State lawmakers approved congestion pricing for New York City in 2019, however federal approval is still pending. The current proposal could result in tolls of up to $23 per day on motorists who drive into Manhattan’s central business district and is projected to raise $1 billion in annual revenue for the MTA. Public comment is open and will be accepted through September 9. Find more information here.
NAR: Inflation Reduction Act Leaves Out Harmful Real Estate Taxes
On Tuesday, August 16, President Biden signed into law the $784 billion Inflation Reduction Act. The law excludes nearly a dozen real estate tax measures originally proposed in the Build Back Better plan, and includes affordable housing changes, such as the Neighborhood Homes Investment Act and an expansion of the Low-Income Housing Tax Credit. The final bill focused mainly on climate and health care related investments, while imposing a 15% minimum tax on corporations earning more than $1 billion. Read more here.
NYC Mayor Signs Legislation to Provide Property Tax Rebates to Homeowners
On Wednesday, Mayor Eric Adams signed legislation to provide a one-time property tax rebate of up to $150 to hundreds of thousands of property owners in New York City. Property owners whose primary residence is a one, two or three family residence, or condo or cooperative unit, are eligible if the owner’s income was $250,000 or less in tax year 2020. Checks are expected to be sent this fall by the New York City Department of Finance. Read the full press release here.
Weekly Report for August 19, 2022
NYSAR Legislative Working Group Virtual Meeting Schedule
NYSAR’s Fall Business Meetings are scheduled to be a hybrid event with virtual meetings being held via Zoom from Sept. 19-22, and in-person meetings to be held Sept. 30-October 3. Register for the NYSAR Fall Business Meetings. NYSAR’s Legislative Working Group meeting schedule:
Monday, September 19
- Commercial Issues Working Group – 11am – 12pm
- NYC Issues Working Group – 1-2 pm
- Co-Op Issues Working Group – 3:30pm – 4:30pm
Tuesday, September 20
- Federal Political Coordinator Update (closed meeting) – 10am – 11am
- State Political Coordinator Update (closed meeting) – 1pm – 2pm
- Article 12a Working Group – 3pm – 4:30pm
To view the full schedule for the 2022 “Elevate Your Profession” Fall Business Meetings, please click here.
NYC Council re-introduces legislation banning criminal background checks on tenants
Legislation prohibiting landlords from denying tenants housing based on criminal history has been introduced in the New York City Council. A similar bill was introduced last year, which NYSAR strongly opposed. The “Fair Chance for Housing” bill, sponsored by Council Member Keith Powers, bans “landlords, owners, agents, employees, and real estate brokers” from obtaining arrest or criminal record information at any point in the housing process. NYSAR continues to engage city lawmakers on this legislation expressing concerns with public safety. Read more here.
Primary Elections for Congress and State Senate – Vote Tuesday, August 23
Primary elections across the state will be decided on Tuesday, August 23 as candidates and PACs ramp up spending on competitive races. Republicans Carl Paladino and Nick Langworthy face off in the Western NY 23rd Congressional District; Democratic Rep. Sean Patrick Maloney will try to hold off challenger State Sen. Alessandra Biaggi in the 17th Congressional District; 13 Democratic candidates are competing to represent the newly formed 10th Congressional District; and Reps. Carolyn Maloney and Jerry Nadler are facing off in the 12th Congressional District. Read a full breakdown of all Congressional races here. State Senate primary elections will also be held on August 23 with several open seats and incumbent lawmakers facing competitive races – You can read more on the Senate elections here.
Weekly Report for August 12, 2022
Upcoming effective dates for new CE changes
On July 20, the Department of State published proposed rule-making updates to implement recent changes in education standards for the real estate salesperson qualifying course, which were signed into law by Governor Hochul last December. Under the new law, individuals taking the real estate salesperson qualifying course will be required to take 2 additional hours of pre-licensing education in fair housing; and individuals taking the real estate brokers qualifying course will be required to take an additional 32 hours of pre-licensing education of which 10 hours are devoted to fair housing. Instructors will also be required to submit electronically to the DOS an affirmation of compliance pertaining to the instruction of the established curriculum. The anticipated effective date of these new regulations is December 21, 2022. DOS will be holding one public hearing for comment on these regulations on September 21, 11:00 a.m. at 123 William Street, 2nd Floor, New York. Read more here. Additionally, licensees are required to take 2 hours of implicit bias and 2 hours of cultural competency education within the existing 22.5 hours of required continued education, which will go into effect September 21, 2022.
Congressional and State Senate primary elections – Aug. 23
New York’s Congressional and State Senate primary election day is August 23 with early voting beginning August 13. Competitive Congressional primaries include an open seat on Wall Street, a career veteran showdown in Central Park and three open seats on Long Island. At least seven Democratic incumbents in the State Senate are facing primary challenges, and competitive races are underway for open seats in the Bronx, Brooklyn, and Staten Island. A breakdown of all Congressional races can be found here, and a list of State Senate races can be found here.
Weekly Report for August 5, 2022
Clarification on effective dates for new CE changes
On July 20, the Department of State published proposed rule making updates to implement recent changes in education standards for the real estate salesperson qualifying course, which were signed into law by Governor Hochul last December. Under the new law, individuals taking the real estate salesperson qualifying course will be required to take 2 additional hours of pre-licensing education in fair housing; and individuals taking the real estate brokers qualifying course will be required to take an additional 32 hours of pre-licensing education of which 10 hours are devoted to fair housing. Instructors will also be required to submit electronically to the DOS an affirmation of compliance pertaining to the instruction of the established curriculum. The anticipated effective date of these new regulations is December 21, 2022. DOS will be holding one public hearing for comment on these regulations on September 21, 11:00 a.m. at 123 William Street, 2nd Floor, New York. Read more here.
Additionally, licensees are required to take 2 hours of implicit bias and 2 hours of cultural competency education within the existing 22.5 hours of required continued education, which will go into effect September 21, 2022.
New York estimates budget gap in coming years due to economic slow-down
The Division of Budget this week projected a multi-billion budget gap in the coming years due primarily to a reduction in personal income tax estimates and the recent economic downturn. A budget gap means that estimated revenue from state taxes will not be enough to meet state spending expectations. The state estimates a $310 million budget shortfall by 2024 and $3.6 billion shortfall by 2025. The state, however, currently holds roughly $9 billion in a reserves. Read the state’s Quarterly Update and financial plan overview here.