July 2026
Weekly Report for July 31, 2026
REALTOR® Priority NYC Coop Law goes into effect
On July 28, New York City’s new coop disclosure law went into effect. Enactment of the city law is a direct result of decades of REALTOR® advocacy at both the state and local levels. Coop boards in New York City are now required to provide written acknowledgement of the receipt of an application via email and registered mail within 15 days of receiving an application. Coop boards then have 45 days following the submission of a completed application to notify the applicant whether their application has been approved, conditionally granted, or denied. The law also provides for a 14-day extension of the timeline if needed, and a summer recess notice. Read more here. You can also find a NYSAR one-pager on the new law here.
NYC pied-a-terre tax rollout confusion
Nearly a week after New York City tax officials released information on who could potentially have to pay a new pied-a-terre tax, attorneys and homeowners have expressed dismay over the process overseen by Mayor Zohran Mamdani’s administration. At the center of the confusion is a city database of more than 900,000 properties that “may” be subject to the new surcharge, however a city official said that letters were sent to only 17,000 addresses it suspects are second homes worth more than $5 million. Homeowners can appeal the surcharge by August 21, 2026 by completing an exemption application on the city Department of Finance website here.
Early look at state legislative races in November
With roughly 3 months left until this year’s general election, well over a dozen contested races in the State Legislature are being closely watched, in addition to the top-of-the-ticket race for Governor and several congressional races that could decide control of the House in January. Democrats in the Senate are trying to pick up a seat to recapture a 42-member veto-proof majority while Democrats in the Assembly look to maintain their veto-proof majority with their current 103 members. At the same time, Republicans in both the Senate and Assembly are looking to protect seats on Long Island and the Hudson Valley with opportunities to flip some seats. A breakdown of some of the big races to watch in November can be found here.
Weekly Report for July 24, 2026
NYC landlords challenge rent freeze
On July 22, New York City landlords filed a legal challenge in Staten Island Supreme Court alleging that Mayor Zohran Mamdani placed undue influence on the nine-member Rent Guidelines Board when then manipulated data to understate landlord costs and overstate incomes resulting in a 7-1 vote to freeze rents on one- and two-year leases on the city’s nearly 1 million rent-stabilized apartments. A court hearing is scheduled for September 2 while the rent freeze is scheduled to take effect October 1, 2026. Read more here.
NYC starts identifying properties subject to new pied-a-terre tax on high valued second homes
New York City’s Department of Finance this week will release a snapshot of properties that may be subject to the new pied-a-terre tax, which could appear on their January tax bills. The city agency is expected to update its tax assessment data by July 25, to show which properties, based on assessed market value, could qualify for the new surcharge on second homes in New York City. The addendum will not indicate whether the homes are used as primary residences, however. Those notices will be sent to owners by August 30. Read more here. NYSAR opposed the imposition of this new tax, which was included in this year’s state budget, and was successful in preventing the tax from being expanded statewide.
Ulster County lawmakers seek first-in-state income tax surcharge on higher earners
The Ulster County Legislature voted 15-8 last week to seek state approval for a first-in-the-state local income tax surcharge on the county’s highest earners. The “Ulster County Fair Taxes Act,” which would require approval from the State Legislature, would impose a surcharge on state income taxes paid by individuals earning more than $250,000 annually and couples earning more than $500,000. NYSAR is monitoring the proposal at the state level. Read more here.
Weekly Report for July 17, 2026
REALTOR®-backed 21st Century ROAD to Housing Act becomes law
On July 11, following months of REALTOR® advocacy, the landmark bipartisan 21st Century ROAD to Housing Act became federal law. Passage of the legislation, which includes 45 provisions, will help spur more home construction while cutting government red tape in order to address a national shortage in housing. The new law creates a program incentivizing cities to eliminate restrictive zoning, accelerates construction timelines by waiving environmental reviews for certain low-impact housing projects, expands mortgage access, and restricts certain large institutional investors from mass-purchasing single-family homes. Read more here.
NYSAR positions on key legislation added to NYSAR.com
Memorandums in support and opposition to specific state legislation and regulatory proposals are now posted on the NYSAR website and can be found under the “Advocacy” tab here. NYSAR’s position on these issues are at the direction of NYSAR’s Legislative Steering Committee with input and guidance form NYSAR’s Legislative Working Groups. The page will be updated periodically as issues arise.
Court affirms dismissal of lawsuit challenging broker fee ban in NYC
On July 13, the U.S. Court of Appeals, Second Circuit, affirmed a lower court’s dismissal of claims that the New York City FARE Act violates the First Amendment and is preempted by state law. The original lawsuit and appeal challenging the New York City law were filed by the New York State Association of REALTORS® in conjunction with the Real Estate Board of New York. The FARE Act, which went into effect in June of 2025, prohibits landlords from collecting a broker fee from a tenant in order to pay the landlord’s broker. Read more here.
Gov. Hochul signs Executive Order pausing large data center projects
On July 14, Governor Kathy Hochul signed an Executive Order imposing a first-in-the-nation one-year moratorium on the development of large data centers in New York State in order to allow more time to build a regulatory framework to address environmental and ratepayer concerns. The pause applies to data center projects that would use more than 50 megawatts of electricity. Read more here.
Weekly Report for July 10, 2026
DEC Freshwater Wetlands Regulations Update
The NYS Department of Environmental Conservation recently posted a webinar in order to provide additional clarity and guidance following an April 8 Albany County Supreme Court decision annulling DEC freshwater wetlands regulations that went into effect January 1, 2025. NYSAR and a coalition of pro-business organizations filed a lawsuit challenging the wetlands regulations. As a result of the court decision, DEC will require applications for projects that will impact previously mapped freshwater wetlands prior to January 1, 2025, and will not have jurisdiction over “unusual importance” criteria until DEC completes the promulgation of new regulations at an undetermined time. To request a reassessment of freshwater wetland jurisdiction for jurisdictional determination(s) received between January 1, 2025, through April 8, 2026, visit the DEC website here. A department FAQ can also be found here.
Governor Hochul signs Executive Order to review state regulations and fines
Gov. Kathy Hochul announced Wednesday that she signed an executive order mandating a review of state regulations and fines. The directive requires state agencies to look for reform opportunities in outdated regulations, burdensome fines, reports, boards, commissions, and councils. The efforts follow Governor Hochul’s recently announced EXPRESS NY initiative which reformed 50 regulations across 22 state agencies. Read more here.
Progressives backing REST Act for next session
Progressive Democratic state lawmakers and Democratic Socialist candidates who are likely to win election in November are already declaring support for the REST Act in 2027. The Rent Emergency Stabilization for Tenants, or REST Act, would allow localities to use more public data and tools, such as rates of homelessness, to declare a housing emergency and impose rent local rent control, rather than current law requiring a rental housing vacancy rate study where findings show a vacancy rate of 5 percent or less. REALTOR® efforts helped to successfully defeat the bill in June of this year. NYSAR remains dedicated to expressing opposition to the bill in 2027 due to its harmful impacts on housing providers and tenants alike. Read more here.
Weekly Report for July 3, 2026
Federal court upholds New York’s all-electric buildings mandate
A federal appeals court on Tuesday upheld a New York law banning natural gas appliances in new buildings. Gas and construction trade groups filed a lawsuit two years ago challenging the state law, arguing it violates the federal government’s rules around how gas appliances are regulated under the 1975 Energy Policy and Conservation Act (EPCA). Governor Hochul paused implementation of the all-electric buildings mandate pending the outcome of the court case. The state has said it would resume enforcing the all-electric buildings mandate 120 days following any court ruling upholding it, however, the case could be heard by the U.S. Supreme Court. Read more here.
NYC Council passes $125 billion city budget
On June 30, the New York City Council voted to approve a $125.8 billion city budget for Fiscal Year 2027 following an agreement with New York City Mayor Zohran Mamdani. The city budget includes $175 million for the city rental-assistance voucher program, and as part of the agreement with the Mamdani Administration, the Council will vote on legislation to establish a new rental assistance program that will reach more New Yorkers facing eviction and those in shelter who are not currently eligible for the existing CityFHEPS program. Additionally, the Mamdani Administration will drop a related lawsuit over the Council’s 2023 CityFHEPS reforms that was initiated by Mayor Eric Adams. Read more here.