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July 2024

Weekly Report for July 26, 2024

New deed theft law goes into effect
On July 19, a new law establishing deed theft as a crime went into effect providing homeowners stronger protections against scammers attempting to steal homes. This law amends penal law to make deed theft a form of grand larceny, extends the statute of limitations to allow for more time to identify and investigate cases, and grants the Office of Attorney General criminal jurisdiction to prosecute deed theft crimes alongside district attorneys statewide. Read more here.

NYC Council introduces bipartisan bill combatting squatters
New York City Council Members Sandra Ung and Joseph Borelli have introduced legislation (Int. 997) aimed at protecting property owners from illegal squatters by requiring the NYPD to create a home vacancy program. Property owners would provide a notice to the NYPD if their home is unoccupied for 21 days or more. The intent of the legislation is to make it easier to remove squatters without property owners having to go to housing court to evict a squatter. Read more here.

New York grid may see reliability shortfall over next decade
The state’s independent grid operator (New York Independent System Operator) identified a statewide energy reliability shortfall over the next decade in a preliminary analysis Monday. The finding could trigger a process to solve the gap aimed at ensuring New York’s grid remains able to meet the state’s electricity demand. This potential shortfall serves as another warning sign for energy policymakers as they struggle to achieve goals set in the state’s 2019 climate law. Read more here.


Weekly Report for July 19, 2024

State Comptroller finds flaws with state climate law implementation
On Wednesday, New York Comptroller Tom DiNapoli released an audit of the state Public Service Commission’s (PSC) implementation of the state’s clean energy transition. The audit found fault with the agencies’ lack of transparency on progress, including reliance on outdated forecasts, and recommended more attention on risks to the goals. The audit also raised concerns that the PSC has not estimated costs for the renewable energy transition or verified estimates by other entities. Outside funding sources have also not been identified, “leaving ratepayers as the primary source of funding,” the audit states. The Department of Public Service is expected to update a cost analysis of the climate law’s implementation later this year. The comptroller plans to do a follow-up on the audit after a year. Read more here.

Tax Cap Remains at 2 percent for 2025
“Allowable tax levy growth will be limited to 2 percent for a fourth consecutive year,” Comptroller Tom DiNapoli said. “The rate of inflation has decreased since the highs of 2022, but local governments are still facing higher prices for goods and services, moderating sales tax revenue collections, and an end to federal pandemic aid.” DiNapoli’s office calculated the 2025 inflation factor at 3.30 percent, however, as a result of the NYSAR-supported Property Tax Cap law, tax levy increases are limited to either 2 percent or the rate of inflation, whichever is lower. Read more here.

White House proposes 5 percent rent cap on landlords owning more than 50 units
On Tuesday, President Joe Biden unveiled a proposal that would remove certain tax breaks for landlords who own more than 50 units if they raised rent higher than 5 percent annually. NAR stated its opposition to the rent cap proposal calling it an infringement upon private property rights and arguing that the way to lower costs is to increase housing supply. Read more here.


Weekly Report for July 12, 2024

NYC ‘City of Yes’ Housing proposal draws support and opposition at latest hearing
The NYC Planning Commission held a day-long public hearing on July 10 on Mayor Eric Adams’ “City of Yes: Zoning for Housing Opportunity” initiative. The City Planning Commission must decide in the next 50 days on whether to advance the zoning amendment to the City Council. The package of zoning proposals would update decades-old rules governing where and how much housing can be built across the city. Several community boards and four borough presidents have indicated their support, however opposition to new zoning rules persists in neighborhoods long opposed to building more housing. Read more here.

NYC Budget allocates $2 billion toward housing
The recently approved NYC budget allocates an additional $2 billion in capital funding for affordable housing. Approximately $1.3 billion of the new housing commitment will be allocated to the Housing Preservation and Development department – about $792 million of which will go toward building affordable multi-family buildings and housing for low- to extremely low-income New Yorkers. Another roughly $150 million will go toward homeownership construction and renovations, and about $278 million to preserve and build supportive housing. Read more here.

City of Ithaca passes local “good cause” eviction
On July 10, the City of Ithaca approved the adoption of a local “good cause” eviction law by a vote of 8-2. Ithaca becomes the fourth municipality to pass such local law following Albany, Kingston, and Poughkeepsie. In each city, the small landlord exemption has been decreased from owners of 10 units or less to no more than 1 unit. NYSAR and local REALTOR® boards have been vocal opponents to any version of “good cause” eviction, and have engaged state and local government officials, as well as the public, on the issue. Read more here.


Weekly Report for July 5, 2024

NYSAR Guide to complying with the NAR Antitrust Settlement
By August 17, 2024, all MLSs that have opted-in to the NAR settlement agreement for the Sitzer/Burnett lawsuit will need to implement new policies that are applicable to all participants of the MLS. NYSAR is providing this guide as part of a comprehensive effort to assist our members to fully comply with the NAR settlement agreement terms. NYSAR will also make available other compliance resources such as instructional videos and model forms. More information can be found here.

New York City Council adopts FY 2025 budget
On Sunday, the New York City Council voted to adopt a $112.4 billion operating budget for fiscal year 2025 before the July 1 deadline. The final budget restores many proposed reductions proposed by Mayor Eric Adams, including funding for libraries and cultural institutions, increased funding for housing, expansion of the Fair Fares program, and partial restoration of funding for the city’s preschool program. Read more here.

New York likely to miss 70 percent renewable target
New York is expected to fail to meet its statutory target of 70 percent renewable electricity by 2030, state officials acknowledged in a report Monday. The review blames the delay largely on factors including economic conditions that led to the cancellation of most of the renewable projects. Affordability in achieving the state’s climate goals has also been a major concern for Governor Kathy Hochul. Read more here.

New state law prohibits property insurers from refusing coverage based on tenants’ source of income
This week, the state’s Department of Financial Services notified property insurers detailing a new state law that bans them from asking about tenants’ source or level of income and then refusing to cover apartment buildings based on those tenant characteristics. The new law in effect was approved in this year’s State Budget. Read more here.