March 2025
Weekly Report for March 28, 2025
Bill to lift telemarketing restrictions introduced in State Senate
This week, NYSAR-supported legislation (S.6853) was introduced in the State Senate that would amend current state law prohibiting telemarketing during a declared state of emergency. NYSAR continues to advocate for passage of this bill which would lift telemarketing restrictions when it is founded that such services would not impair or mitigate a declared state of emergency. Similar legislation passed unanimously in the Assembly in 2023 and 2024 following REALTOR® advocacy efforts. To date, multiple states of emergency remain in effect under Executive Orders. Learn more here.
DEC extends public comment period for draft regulations on general permits on freshwater wetlands
The New York State Department of Environmental Conservation (DEC) has extended its public comment period through March 31, 2025, on draft regulations regarding new and modified statewide general permits for various activities, including housing development, in state-regulated freshwater wetlands and wetland adjacent areas, protected waterbodies, and navigable waters. This public comment period is separate from the previous comment period implementing amendments to the Freshwater Wetlands Act and wetlands of unusual importance that went into effect January 1, 2025. NYSAR submitted written testimony in September 2024 in opposition to the regulations citing concerns that the expansion of regulated wetlands would greatly curtail much needed housing development across the state. You may submit public comment on DEC’s draft regulations on general permits on or near freshwater wetlands here.
New housing development projects underway as state receives $270M in federal funding
Governor Kathy Hochul announced on Tuesday that New York will receive $270 million through the federal Low-Income Housing Tax Credit and subsidies to build and preserve over 1,800 homes and mixed-use developments across the state totaling 28 projects. Additionally, the Governor announced the awarding of about $20 million in state funding to 3 Western New York villages under the Pro-Housing Communities Program to be used toward downtown revitalization projects. Read more here.
FinCEN Removes BOI Reporting Requirements for U.S. Companies and U.S. Persons
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule making significant changes to the Beneficial Ownership Information reporting rule (BOI Rule) under the Corporate Transparency Act. Under the new interim rule, U.S. companies and persons are not required to report to FinCEN under the Corporate Transparency Act, effective immediately. This means that all legal entities created in the United States and their respective owners who are U.S. persons are not required to file any beneficial ownership information with FinCEN. Such individuals and entities are exempt from reporting under the interim rule. Read more here.
Weekly Report for March 21, 2025
NYSAR urges Governor and State Legislature to focus on housing in State Budget as NY housing inventory hits record low
The New York State Association of REALTORS® is calling on Governor Kathy Hochul and leaders in the State Legislature to address the state’s historic housing shortage which is blocking homeownership opportunities for too many New Yorkers. NYSAR reported that median home prices have surged more than 15 percent year-over-year, while the state’s available housing inventory is at its lowest level since NYSAR began tracking data in 1997. NYSAR is urging lawmakers to pass measures incentivizing the development of new single- and multi-family homes and provide future homeowners the ability to afford that purchase through the adoption of the First Home Savings Account Program (S.1157/A.5098). Read the letter from 2025 NYSAR President Jacqlene Rose here.
Housing costs become key election issue in NYC
Housing affordability and availability have become key issues ahead of New York City’s June 24 primary election for Mayor, City Council and other city-wide offices. About 1 million homes are owner-occupied, while the remaining 2.3 million are renter-occupied. Rising rental costs and increases in median home prices are major concerns among both property owners and tenants. Experts agree that these costs ultimately come down to lack of housing supply. Data shows that new job growth in New York City has far outpaced new housing development, resulting in higher competition for housing. Read more here.
Congress approves additional housing funding and extension of NFIP following REALTOR® advocacy
On March 14, Congress averted a federal government shutdown by passing a Continuing Resolution (or “CR”) to fund the government through September 30, 2025. At $1.7 trillion, the bill largely keeps government funding level with that of 2024, while increasing spending for the Department of Housing and Urban Development (HUD) by $4.6 billion. Critically, this HUD funding includes money to fund HUD’s Project-Based Rental Assistance (PBRA), Tenant-Based Rental Assistance (TBRA), funding for programs that provide affordable housing for seniors and the disabled, and the Community Development Fund which finances the Community Block Grant Development (CDBG) program.
Also included was funding to extend the National Flood Insurance Program (NFIP) through September 30, 2025. In the days prior, NYSAR’s Leadership Team visited Washington D.C. to meet with members from New York’s Congressional Delegation advocating for more housing growth and greater protections for independent contractors including REALTORS®. Read more here.
Weekly Report for March 14, 2025
Senate and Assembly Release One-House Budget Proposals
On March 10, the State Senate and Assembly each released their one-house budget proposals in response to Governor Hochul’s Executive Budget released in late January. Within their respective budgets, the State Senate and Assembly lined out varying priorities signaling the formal start of budget negotiations between the three leaders – Governor Hochul, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie. Final passage of State Budget is due by April 1, 2025.
Initiatives to address housing affordability, first-time home buyer assistance, and tax revenue are key components of this year’s budget. A NYSAR summary of relevant proposals can be found here.
NYSAR Lobby Day Registration Now Open
Registration is now open for NYSAR’s 2025 Lobby Day which is scheduled for Tuesday, April 29 at the Convention Center in the Empire State Plaza Concourse in Albany. A limited number of room blocks at nearby hotels are available now, so please reserve early as they will sell out. NYSAR reimbursement up to $150 is available for hotel and travel expenses. To register and review our Lobby Day FAQ section, click here.
RPAC of New York will also be hosting a “Lobby Day Pre-Game” fundraiser on Monday, April 28 from 5:30-9 p.m. at Apex Sports & Entertainment at Crossgates Mall, 1 Crossgates Mall Road in Albany. The event costs $210 and attendees will enjoy bowling, laser tag, arcade games, a complete dinner buffet in a private room and two drink coupons per person. Proceeds from the event will benefit RPAC and the deadline to register is April 18.
U.S. Chamber of Commerce and NY business groups file lawsuit challenging state’s new climate law
The U.S. Chamber of Commerce and a coalition of business and trade groups has filed a lawsuit against the state of New York challenging the state’s Climate Change Superfund Act, which requires fossil fuel companies to pay $75 billion for their contributions to climate change. The plaintiffs argue the costs as a result of the new law will burden consumers through higher energy prices. Read more here.
Weekly Report for March 7, 2025
Registration for NYSAR’s 2025 Lobby Day opens on Monday, March 10 at 12 p.m.
NYSAR’s annual Lobby Day is scheduled for Tuesday, April 29 at the Convention Center in the Empire State Plaza Concourse in Albany. Join your fellow REALTORS® from across the Empire State to advocate in front of your lawmakers and discuss real estate related priorities that matter in your area and across the state. Lobby Day is a free event and travel reimbursement is available.
RPAC of New York will also be hosting a “Lobby Day Pre-Game” fundraiser on Monday, April 28 from 5:30-9 p.m. at Apex Sports & Entertainment at Crossgates Mall in Albany. The event costs $210 and attendees will enjoy bowling, laser tag, arcade games, a complete dinner buffet in a private room and two drink coupons per person. Proceeds from the event will benefit RPAC and the deadline to register is April 18. Registration for the RPAC fundraiser is available when you register for NYSAR Lobby Day.
Hotel registration will also be available on Monday, March 10. You will receive an email on Monday to remind you that registration is open.
FinCEN update regarding a new Interim Rule & suspension of enforcement
The Financial Crimes Enforcement Network (FinCEN) recently announced that it will not issue any fines, penalties, or enforcement actions against reporting companies and owners for failure to file any Beneficial Ownership Information (BOI) reports by March 21, 2025. The Treasury Department also recently announced the suspension of enforcement at this time as well. The bureau announced that it will be issuing an interim final rule extending the BOI deadlines, and the rule also may further limit the scope to foreign owned companies and owners only. Read more here.
FHFA Delays New Housing Provider Requirements
On February 24, NAR sent a letter to the Federal Housing Finance Agency (FHFA) within the Department of Housing and Urban Development (HUD), asking regulators to delay implementation of several national policies and standards for rental housing providers. These policy changes were intended to go into effect on February 28 on multifamily rental properties financed by Fannie Mae and Freddie Mac. They are: 1) a mandatory 30-day written notice of a rent increase; 2) a 30-day written notice of a lease expiration; and 3) a 5-day grace period for late fees due to nonpayment of rent. On February 27, the FHFA signaled that they will be delaying implementation of these changes until May 31, 2025, so they can review them and determine if they fit within the new administration’s agenda. Read more here.