March 2024

Weekly Report for March 29, 2024

Record attendance at NYSAR’s Lobby Day in Albany
A record number of REALTORS^® attended NYSAR’s annual Lobby Day at the State Capitol on Wednesday, March 27. Roughly 400 REALTORS^® from across the state traveled to Albany to meet one-on-one with state legislators and staff advocating on REALTOR^® issues including support for the development of more housing, the creation of a first-time homebuyer savings account, fixing the current ban on telemarketing during states of emergency, and opposition to good cause eviction, among other issues which can be found here. Thank you to all who attended!

If you attended Lobby Day, we would like your feedback – complete the NYSAR Lobby Day survey here and be entered for a chance to a $100 Amex gift card.

NYSAR Lobby Day reimbursement information
Reimbursement requests for NYSAR Lobby Day expenses up to $150 must be submitted by April 30, 2024, for lodging/miles/tolls/etc. If you stayed at one of the hotel blocks at the Renaissance, Hampton Inn, or Hyatt hotels, $75 was deducted from the cost of the room – an additional $75 reimbursement can be requested. You are only eligible for this benefit if you registered for Lobby Day.

NYSAR Lobby Day Expense Reimbursement Form can be found here.
Submit your expense reimbursement form to [email protected].

On-time State Budget unlikely – Housing negotiations ongoing
News reports are speculating that the state budget is unlikely to be passed by the April 1 on-time fiscal deadline. Negotiations on a final housing agreement continue to divide state lawmakers as they consider measures that would provide funding for new housing construction, tax incentives for developers to build affordable housing in New York City, and additional tenant protections including “good cause” eviction. Disagreements among state lawmakers on education funding, addressing retail theft, and increasing income tax rates on wealthy New Yorkers also appear to be delaying the budget process. Read more here.

Weekly Report for March 22, 2024

*Rescheduled* – Pre-Lobby Day Virtual Webinar Monday, March 25 at 11 a.m.
NYSAR’s pre-Lobby Day live webinar has been rescheduled to Monday, March 25 at 11 a.m. to preview NYSAR’s upcoming Lobby Day and the legislative agenda. The webinar will be recorded and posted to NYSAR’s website.

Click the following link to be directed to the webinar on the date of the event: https://nysar.zoom.us/j/89200952795?pwd=RnJOb2JyczZDUldHOUoxN1cwb2xmdz09

Attend NYSAR’s Lobby Day: Wednesday March 27 in Albany – Registration Required
NYSAR’s annual Lobby Day in Albany is scheduled for Wednesday, March 27 at the Albany Empire State Plaza, Meeting room 6 beginning at 9:00 a.m. Our featured speaker will be Assemblymember Amy Paulin, sponsor of NYSAR-supported legislation to amend the state’s telemarketing ban during states of emergency. Lobby Day is a free event and travel expenses up to $150 are reimbursable.

Registration is required to attend Lobby Day. Register now! NYSAR Lobby Day FAQs can be found here.

Assembly passes NYSAR-supported telemarketing bill
On March 21, the State Assembly passed NYSAR-supported legislation that would amend current state law to allow telemarketing during states of emergency under certain conditions (A.6680). The bill, sponsored by Assemblymember Amy Paulin passed unanimously with a vote of 146-0. NYSAR continues to urge the State Senate to approve the bill. The issue will be a key topic for NYSAR’s Lobby Day in Albany on March 27.

State Appeals Court revives NYC property tax lawsuit
On March 19, the state’s highest court, the Court of Appeals, voted 4-3 to reinstate a lawsuit that arguing that New York City’s property tax system violates the state’s real property tax law and federal fair housing law by taxing homeowners less than rental buildings and by capping assessments in neighborhoods with rising property values, thereby over-taxing minority communities. The appeals court provided certain instructions and returned the case back to the state’s Supreme Court. Read more here.

Weekly Report for March 15, 2024

Attend NYSAR’s Lobby Day: Wednesday March 27 in Albany – Registration Required
NYSAR’s annual Lobby Day in Albany is scheduled for Wednesday, March 27 at the Albany Empire State Plaza, Meeting room 6 beginning at 9:00 a.m. Join your fellow REALTORS^® from across the state to advocate in front of your lawmakers and discuss real estate related priorities. Our featured speaker will be Assemblymember Amy Paulin, prime sponsor of NYSAR-supported legislation to amend the state’s telemarketing ban during states of emergency. Lobby Day is a free event and travel expenses up to $150 are reimbursable – Registration is required to attend Lobby Day. Register now! NYSAR Lobby Day FAQs can be found here.

Attend NYSAR’s Pre-Lobby Day Virtual Webinar Friday, March 22
NYSAR Director of Government Affairs Mike Kelly will be providing a live webinar on Friday, March 22 at 11:00 a.m. to preview Lobby Day and the legislative agenda. The webinar will be recorded and posted to NYSAR’s website.

Click the following link to be directed to the webinar on the date of the event: https://nysar.zoom.us/j/89200952795?pwd=RnJOb2JyczZDUldHOUoxN1cwb2xmdz09

State Senate and Assembly release “one-house” budget proposals
On March 11, the State Senate and Assembly released their respective “one-house” budget proposals outlining the Legislature’s priorities and differences from Governor Kathy Hochul’s $233 billion budget proposal she released in January. With regard to housing, the Senate proposed $250 million to create a rental voucher program to assist those at risk of eviction or homelessness and $250 million to create a new state public benefit corporation to finance new housing construction on state-owned land. The Senate also stated support for an overall housing package that could be negotiated outside of the budget to create a new housing developer tax break to replace the expired 421-a program that would require additional affordability requirements and tied to new tenant protections that align with the principles of “good cause” eviction. The Assembly included in its budget the rental voucher program, however omitted other housing or tenant proposals included by the Senate.

Both the Senate and Assembly proposed increasing the personal income tax rates for filers making over $5 million and increasing the corporate franchise tax rate on businesses with incomes greater than $5 million. Governor Hochul reiterated that any proposed tax rate increases is a “non-starter.”

Click here to read the Senate Budget proposal.

Click here tor read the Assembly Budget proposal.

Click here for a full NYSAR budget summary.

Weekly Report for March 8, 2024

Amended PCDS eliminating $500 credit goes into effect March 20, 2024
The amended Property Condition Disclosure Statement (PCDS) goes into effect Wednesday, March 20, 2024. The amended PCDS includes language requiring the disclosure of issues related to flooding and removal of the $500 credit if sellers fail or refuse to provide the PCDS. Sellers will no longer have the option of providing the $500 credit in lieu of the PCDS. The Department of State has published the amended form here: https://dos.ny.gov/property-condition-disclosure-statement-1. NYSAR is recommending that licensees provide a copy of the PCDS to the seller and inform the seller to discuss filling out the PCDS with their attorney. Licensees should not be assisting the seller in filling out the PCDS. Read more at NYSAR.com here.

Register for NYSAR’s Lobby Day: Wednesday March 27
NYSAR’s annual Lobby Day in Albany is scheduled for Wednesday, March 27 at the Albany Empire State Plaza, Meeting room 6 beginning at 9a.m. Join your fellow REALTORS^® from across the state to advocate in front of your lawmakers and discuss real estate related priorities. Lobby Day is a free event and travel reimbursement is available. Registration for the RPAC fundraiser the night before is also available when you register for NYSAR Lobby Day. Register now! NYSAR Lobby Day FAQs can be found here.

Judge blocks Newburgh rent stabilization after landlord lawsuit
A group of landlords is challenging Newburgh’s housing emergency declaration in state Supreme Court, alleging that the city did not properly conduct a vacancy study to demonstrate the lack of housing that allows it to opt into the state Emergency Tenant Protection Act (ETPA). In response, Orange County Supreme Court Justice Sandra Sciortino blocked the city of Newburgh and the state Department of Housing and Community Renewal from enforcing the ETPA, pending a final court decision. A court date is set for April 5. Read more here.

Assemblymember Weinstein announces retirement
Brooklyn Assemblymember Helene Weinstein, chair of the Assembly Ways and Means Committee and the longest-serving woman in the history of the state Legislature, said Monday she will retire after 44 years in office. Read more here.

Weekly Report for March 1, 2024

RPAC of New York will also be hosting a “Lobby Day Pre-Game” fundraiser on Tuesday, March 26 from 5:30-9:00 p.m. at Apex Sports & Entertainment at Crossgates Mall in Albany.

Registration for the RPAC fundraiser is available when you register for NYSAR Lobby Day. Register now!

New report says “good cause” eviction bill would negatively impact tenants
A new policy brief, published Wednesday by the Furman Center at New York University, argues that “good cause” eviction legislation is essentially an effort at extending rent regulation to free market apartments and will have unintended consequences that could have negative repercussions for tenants, especially in buildings with only a few units. The bill also differs substantially from similar measures elsewhere in the country, like California and Oregon which limit annual rent increases to 10 percent as compared to the proposed 3 percent or 1.5 times the CPI in New York. The Furman report is particularly worried about the impact on tenants in smaller buildings where the rents and annual increases are lower than in larger buildings and non-renewals less frequent. Read ore here.

Gov. Hochul signs State Legislature’s own set of new congressional maps into law
Governor Kathy Hochul has signed into law a new set of congressional maps approved Wednesday by the state Legislature after Democratic lawmakers on Monday rejected the newest proposed boundaries drawn by the state’s Independent Redistricting Commission. The approved maps offer a slight boosts to Rep. Nick LaLota’s (R) seat in the 1^stCD, Rep. Tom Suozzi’s (D) seat in the 3rd CD, and Rep. Pat Ryan’s (D) in the 18^th CD, while Rep. Brandon Williams (R) faces more challenging terrain in the 22^nd CD. It is unclear whether Republicans will legally challenge the new maps. Read more here.