August 2026

Weekly Report for August 28, 2026

NYSAR Legislative Virtual Meetings Schedule and Agendas for FBM
NYSAR’s Fall Business Meetings virtual schedule of meetings dealing with state, local, and federal legislative matters is as follows:

Thursday, September 3

Commercial Issues Working Group – 10 a.m. – 11 a.m.
NYC Issues Working Group – 12 p.m. – 1 p.m.
Coop Issues Working Group – 2 p.m. – 3 p.m.

As a reminder, these Working Group meetings are open to all REALTORS® that register for the Business Meetings. Agendas and Zoom meeting links can be found on NYSAR Connect here.

For a complete list of NYSAR’s Fall Business Meetings (both virtual and in-person) and to register, click here.

General Session featured speaker: Reid Wilson
In addition to NYSAR 2026 President Ron Garafalo’s State of the Association address, hear from Reid Wilson at NYSAR’s General Session on Sept. 16 at 2 p.m. Wilson is the founder, chief executive, and editor-in-chief of Pluribus News, an independent news outlet that covers state-level politics and policy. He will be speaking as part of NYSAR’s “Elevate Your Profession” Fall Business Meetings, which will be held at Turning Stone Resort Casino in Verona.

NYC extends deadline for pied-a-terre tax a second time until Oct. 6
New York City has extended for a second time the deadline to submit proof of primary residency to avoid paying a new pied-a-terre tax on second homes valued at more than $5 million. New York City residents now have until October 6, 2026, to submit proof of residency. New York City’s rollout of the new pied-a-terre tax continues to face growing criticism, including its implementation on coops valued at over $1 million. Homeowners filed a lawsuit earlier this month arguing that the city’s initial notice was too broad and unduly forced owners to prove residency. Read more here.

NAR joins Supreme Court property rights case seeking clarity on access to courts in NYC
The National Association of REALTORS®, joined by a coalition of industry partners, filed an amicus brief supporting Supreme Court review in Tedford’s Tenancy, LLC v. City of New York. NAR’s brief argues that property owners should not be required to navigate endless and potentially futile rounds of permitting, appeals, or other government procedures before gaining access to the courts. The brief also emphasizes the broader consequences of permitting delays, noting that prolonged approval processes increase development costs, discourage new housing construction, and further constrain housing supply. NAR and its coalition partners urge the Supreme Court to establish clearer standards that ensure property owners can obtain timely judicial review when government actions effectively prevent the reasonable use and development of their property. Read more here.

Weekly Report for August 21, 2026

NYC report estimates 700,000 new housing units needed over next decade
The New York City Department of Housing Preservation and Development and the Department of City Planning released a report concluding that the city needs about 700,000 new homes over the next 10 years to address the current housing shortage. A city plan to spend $22 billion to add 200,000 affordable housing units over the next decade was released earlier this year, however it does not address the city’s need for market-rate housing, which is a significant component of the 700,000-unit strategy. City officials plan to hold virtual briefings on Aug. 26 and Sept. 2 and seek input from the public before publishing a final version of the report in October. Read more here.

NYSAR Legislative Virtual Meetings Schedule for FBM
NYSAR’s Fall Business Meetings virtual schedule of meetings dealing with state, local, and federal legislative matters is as follows:

Thursday, September 3

Commercial Issues Working Group – 10 a.m. – 11 a.m.
NYC Issues Working Group – 12 p.m. – 1 p.m.
Coop Issues Working Group – 2 p.m. – 3 p.m.

As a reminder, these Working Group meetings are open to all REALTORS® that register for the Business Meetings. For a complete list of NYSAR’s Fall Business Meetings (both virtual and in-person) and to register, click here.

Sale of Energy Credits opens to assist with NYC Local Law 97 compliance
On August 19, the New York State Energy Research and Development Authority (NYSERDA) opened its sale of Tier 4 Renewable Energy Credits (RECs) to assist eligible property owners and coops with compliance to New York City’s Local Law 97 establishing greenhouse gas emissions limits for buildings greater than 25,000 square feet. Buildings may purchase credits through the program to avoid penalties and fines. Learn more here.

Weekly Report for August 14, 2026

Latest Siena Poll Shows a More Competitive Race for Governor
The Siena College Research Institute released a new poll on August 12^th, revealing that Governor Hochul’s lead over Republican candidate Bruce Blakeman in the race for New York Governor has narrowed. The latest poll has Blakeman, the Nassau County Executive, trailing by 10 points, with Governor Hochul leading 49-39%. In June, Governor Hochul had a lead of 52-32% among likely voters. Democrat Attorney General Leticia James had an 18-point lead over her Republican challenger in the poll, Saritha Komatireddy and Democrat Comptroller Thomas Dinapoli had a 23-point lead over his Republican challenger, Joseph Hernandez. The poll also showed that only 30% of likely voters had a favorable view of the Democratic Socialists of America while 47% had an unfavorable view. Read more about the poll here.

White House Considers Capital Gains Tax Reform
The Trump administration is considering proposals to expand tax breaks on profits from primary home sales, including indexing capital gains to inflation and increasing or eliminating the current limit on the capital gains tax exclusion. REALTORS® have long advocated for Congressional action, supporting the bipartisan More Homes on the Market Act, which would update the capital gains exclusion for the sale of a principal residence by adjusting it for inflation and indexing it going forward. A 2025 NAR analysis revealed that roughly 1 in 3 homeowners — nearly 29 million households — have built up more equity than the federal capital gains tax exclusion for single filers, which is $250,000. NAR expects that number to grow to 56% of homeowners by 2030. Read more here.

Pied-a-terre tax rollout in New York City continues after court blocks implementation
On Monday, August 11th, a Staten Island judge issued a temporary restraining order (TRO) to block the implementation of the pied-a-terre tax in New York City, after a lawsuit was filed by a group of New York City homeowners. The TRO was lifted the following day, after New York City government appealed the ruling. New York City’s rollout of the tax on non-primary residences has been widely criticized, after it published a list of properties and names that it claims could be subject to the tax. Various residents of New York City have also received letters stating that they must prove the home in which they live is their primary residence. The appeal is scheduled to be heard on August 31. Read more here.

Weekly Report for August 7, 2026

NYSAR submits public comment on NYC proposed rule on “junk fees”
On August 6, NYSAR submitted public comment expressing concerns regarding proposed rules from the New York City Department of Consumer and Worker Protection that would prohibit charging consumers hidden “junk fees.” Specifically, the proposed rule would make it a deceptive trade practice to offer, display or advertise the price of a good or service without clearly and conspicuously posting the total price, meaning the price including all mandatory charges and fees. NYSAR believes ” the proposed rules are problematic as real estate transaction fees can vary when taking into account real estate broker compensation. Additionally, other types of paid services such as home inspections and title insurance as well as fees charged for applying to purchase or rent a cooperative unit may not be known at the time of listing or advertising. Read NYSAR’s public comment here.

NYC pied-a-terre tax exemption application deadline extended until Sept. 18, 2026
Following the confusing rollout of New York City’s pied-a-terre tax on second homes (1-3 family buildings) assessed at over $5 million or condos and coops assessed at over $1 million, which went into effect on July 1, the city’s Department of Finance extended its deadline for submitting an exemption application until September 18, 2026. Additionally, state tax officials are now monitoring the rollout of the new tax for potential tax fraud by owners who falsely claim they mostly live outside of New York City, thereby avoiding local or state income taxes or higher car insurance premiums. Read more here.

Inside the cost of new home construction for the builder and the buyer
Home builders in New York State say that the recently signed law, Let Them Build agenda, is a step in the right direction to cut costs for new home construction, however more is needed to bring down costs. Permits, fees, and costs association with building and energy codes, wetlands regulations, insurance, and environmental testing can add more than $130,000 to the cost of a new build. The demand for housing remains strong however, and as the price of existing homes gets closer to that of new construction, more New Yorkers are considering new builds. Read more here.