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August 2024

Weekly Report for August 30, 2024

REALTOR® Call for Action: Tell Congress to Protect Independent Contractor Status
While the ability to work as an independent contractor has been recognized and protected under the Internal Revenue Code (IRC) since 1982, recent lawsuits, state legislation, and new federal rules now threaten this vital classification. The U.S. Department of Labor’s (DOL) final rule on independent contractor status under the Fair Labor Standards Act (FLSA) is causing significant concerns and questions about real estate agents’ rights and classification choices. Urge your member of Congress to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, to ensure real estate agents and direct sellers maintain their independent contractor status under the FLSA. TAKE ACTION NOW.

Cost analysis, grid concerns should be discussed at next week’s NY climate summit
As preparations become finalized for New York’s energy summit in Syracuse next week, Republican lawmakers are urging the state leaders and global experts who will participate to make a cost analysis of New York’s clean energy goals and reliability of the electric grid part of the conversation. Stakeholders have said they hope the summit will provide clarity on delaying the state’s timeline to meet emission reduction goals after a recent state report showed New York is not on track to transition to 70% renewable energy by 2030. Governor Hochul’s office recently announced expected topics and speakers. Read more here.


Weekly Report for August 23, 2024

REALTOR® Call for Action: Tell Congress to Protect Independent Contractor Status
While the ability to work as an independent contractor has been recognized and protected under the Internal Revenue Code (IRC) since 1982, recent lawsuits, state legislation, and new federal rules now threaten this vital classification. The U.S. Department of Labor’s (DOL) final rule on independent contractor status under the Fair Labor Standards Act (FLSA) is causing significant concerns and questions about real estate agents’ rights and classification choices. Urge your member of Congress to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, to ensure real estate agents and direct sellers maintain their independent contractor status under the FLSA. TAKE ACTION NOW.

NYC Mayor signs executive order to search for space to build new homes
New York City Mayor Eric Adams signed an executive order on Wednesday that would direct every city agency to see whether new homes could be built on any underused property it owns. Developing government-owned sites is often cheaper and could allow landlords to price apartments at more affordable levels, however, there are still hurdles such as lengthy rezoning processes. The mayor’s executive order comes as the City Council continues to review the administration’s City of Yes for Housing Opportunity zoning reform proposal. Read more here.

Kingston rent stabilization challenge goes to State Court of Appeals
On August 22, the Appellate Division, Third Department granted the Hudson Valley Property Owners Association leave to pursue its appeal contesting rent stabilization coverage at New York’s highest court, the State Court of Appeals. In 2022, the coalition of property owners challenged both the City of Kingston’s opt into the state’s rent stabilization law and the local rent guidelines board’s unprecedented 15% rent roll-back.

Senator Schumer pledges to end cap on SALT deduction
U.S. Senate Majority Leader Chuck Schumer stated this week that he intends to allow the current SALT cap to expire in 2025 if he remains in control of the Senate following this year’s elections. The current annual state and local tax (SALT) deduction limit was lowered to $10,000 as a result of the 2017 tax overhaul. Read more here.


Weekly Report for August 16, 2024

REALTOR® Call for Action: Tell Congress to Protect Independent Contractor Status
While the ability to work as an independent contractor has been recognized and protected under the Internal Revenue Code (IRC) since 1982, recent lawsuits, state legislation, and new federal rules now threaten this vital classification. The U.S. Department of Labor’s (DOL) final rule on independent contractor status under the Fair Labor Standards Act (FLSA) is causing significant concerns and questions about real estate agents’ rights and classification choices. Urge your member of Congress to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, to ensure real estate agents and direct sellers maintain their independent contractor status under the FLSA. TAKE ACTION NOW.

New York City Mayor criticizes opponents of his housing plan
As the public review of the City of Yes for Housing Opportunity proposal continues, New York City’s Mayor Adams criticized opponents of his citywide rezoning proposal this week. The mayor’s administration said that 49 of New York City’s community boards have failed to produce enough housing units. According to the New York Post, 38 of New York City’s 59 community boards have issued non-binding votes against the City of Yes for Housing Opportunity, with 18 community boards supporting the measure. The City Council is expected to vote on a version of the City of Yes for Housing Opportunity later this year. Read more here.

Federal government approves New York State’s initial proposal to expand broadband access
On Tuesday, the U.S. Department of Commerce approved more than $664 million in funding for New York State to expand broadband access to areas of the state currently lacking it. The Broadband, Equity, Access and Deployment (BEAD) program is part of a $42.45 billion grant program authorized under the Bipartisan Infrastructure Law approved by President Biden. According to New York State Empire State Development, 98 percent of households in the State currently have access to broadband internet. Read more here.

New York City fiscal watchdog urges Governor to veto extension of commercial property tax break
This week, the Citizens Budget Commission sent a letter to Governor Hochul requesting a veto of legislation that would extend the Industrial & Commercial Abatement Program (ICAP) for 4 years. ICAP provides a 26-year property tax exemption for improvements made to certain properties in New York City. The annual cost of the program to New York City exceeded $500 million in the last fiscal year. The State Legislature has increased scrutiny of various tax breaks in recent years, however this legislation passed almost unanimously. The Governor has until the end of the year to act on the bill. Read more here.


Weekly Report for August 9, 2024

REALTOR® Call for Action: Tell Congress to Protect Independent Contractor Status
While the ability to work as an independent contractor has been recognized and protected under the Internal Revenue Code (IRC) since 1982, recent lawsuits, state legislation, and new federal rules now threaten this vital classification. The U.S. Department of Labor’s (DOL) final rule on independent contractor status under the Fair Labor Standards Act (FLSA) is causing significant concerns and questions about real estate agents’ rights and classification choices. Urge your member of Congress to cosponsor H.R. 5419, the Direct Seller and Real Estate Agent Harmonization Act, to ensure real estate agents and direct sellers maintain their independent contractor status under the FLSA. TAKE ACTION NOW.

Following business concerns, Gov. Hochul to convene global energy summit
This week, Governor Hochul announced New York will host an energy summit featuring global experts next month as the state struggles to meet the mandates of the 2019 Climate Act, which some business leaders have warned could have devastating economic impacts on myriad industries and consumers. Governor Hochul’s announcement comes after a coalition of more than 50 business, energy and labor organizations called on her administration to conduct a comprehensive assessment of the state’s impending climate mandates. Recently, California state lawmakers began raising concerns with their state’s similar climate goals. Read more here.

City of Syracuse considers “good cause” eviction opt in
The Syracuse Common Council is planning on introducing city legislation opting into the state’s “good cause” eviction law. The cities of Albany, Ithaca, Poughkeepsie and Kingston have opted in thus far. Opponents of the local legislation cite concerns that the stricter tenant protections will undercut the city’s new housing and development strategy. Read more here.


Weekly Report for August 2, 2024

Survey: NYSAR Certified Co-op Specialist designation
NYSAR is considering offering a Certified Co-op Specialist designation to REALTORS® and would appreciate your input by completing a short survey. As a member of NYSAR, your opinion is extremely important to us. Your answers will be kept strictly confidential. Complete the survey here.

Business groups urge Gov. Hochul to order a deep review of Climate Act
A coalition of more than 50 business, energy and labor organizations are calling on Governor Kathy Hochul’s administration to conduct a comprehensive assessment of New York’s impending mandates under the Climate Leadership and Community Protection Act, which are not on track to be met and could result in significant energy supply shortfalls and adverse impacts across numerous industries. Learn more.

Judge halts Poughkeepsie from enacting rent-stabilization law
The City of Poughkeepsie has been barred from implementing the Emergency Tenant Protection Act (ETPA) by a Supreme Court Judge after a lawsuit filed by a group of landlords challenged the data used by the city to justify the rent-stabilization law passed in June.  Dutchess County Supreme Court Justice Christi Acker signed a restraining order prohibiting the law from going into effect until the landlords and the city present arguments in September. Learn more.

New “Freelance Isn’t Free” Independent Contractor Guidance: Effective Aug. 28, 2024
Effective August 28, 2024, a new law impacting the independent contractor relationship between a broker and associated licensees will go into effect. This new law is NOT part of the NAR lawsuit settlement. The new law is called the “Freelance Isn’t Free Act” (FIFA) and was modeled after a law that has been in effect in New York City. The purpose of the law is to expand protections for independent contractors (referred to as “Freelance Workers” in the law) as well as additional requires for those individuals or entities that utilize independent contractors as part of their business (such as real estate brokers). Learn more.