May 2023

Weekly Report for May 26, 2023

Telemarketing bill advances in Assembly Committee
On Tuesday, NYSAR-supported legislation (A.6680/S.412) that would provide for a technical amendment to current law allowing for legitimate telemarketing business activities during declared States of Emergency passed unanimously through the Assembly Consumer Affairs and Protection Committee and has been referred to the Rules Committee. Assemblymember Amy Paulin (Westchester), who sponsors the bill in the Assembly, has been a strong advocate on this important issue. NYSAR is continuing to work with state lawmakers to advance this priority bill during the final days of the legislative session.

NYSAR meets with Assembly Housing Chair Linda Rosenthal
This week, NYSAR met with Assemblymember Linda Rosenthal (Manhattan), Chair of the Assembly Housing Committee, to discuss statewide housing issues, including priority legislation (A.1778-A/S.2964-A) that would provide additional disclosure and timelines throughout the coop application and purchase process. NYSAR staff is also meeting with Senate Housing Chair and sponsor of the bill Sen. Brian Kavanagh (Manhattan) to urge for its passage before the end of session on June 9.

 Weekly Report for May 19, 2023

Thank Governor Hochul for standing against “good cause” eviction
REALTORS® took action successfully urging state lawmakers to oppose the inclusion of “good cause” eviction measures in this year’s state budget. Among those who listened to our concerns was Governor Hochul who stood up for homeowners against the proposal. Join fellow New Yorkers in thanking the Governor Hochul for her support. NYSAR continues to partner with its statewide coalition Homeowners for an Affordable New York to fight against the reckless “good cause” eviction legislation while state lawmakers consider additional tenant protections before the legislative session ends in June.

Senate Leader Stewart-Cousins: “good cause” eviction bill won’t pass as drafted
State lawmakers have fewer than a dozen days left of scheduled session days this year, however Senate Majority Leader Andrea Stewart-Cousins remained vague on details when it came to discussing possible housing legislation. One issue she was clear on was “good cause” eviction, saying, “We know that the ‘good cause’ bill as it exists will not pass.” She did not rule out, however, taking action on other forms of tenant protections. NYSAR remains highly engaged on the issue along with its coalition partners.

NAR President testifies before Congress on new mortgage fees
NAR 2023 President Kenny Parcell testified Wednesday before the House Committee on Financial Services Subcommittee on Housing and Insurance about the Federal Housing Finance Agency’s (FHFA) new loan level pricing adjustments (LLPA) fee increase on borrowers with fair to good credit profiles. Parcell said the fees were unnecessary and confusing, and potential homebuyers face a lack of affordability and supply in the current housing market. Read more here.

Cold Calling still prohibited in New York
Real estate licensees may not make any unsolicited phone calls to a member of the public during a State of Emergency. General Business Law §399-z(5)(a) states, “It shall be unlawful for any telemarketer doing business in this state to knowingly make an unsolicited telemarketing sales call to any person in a county, city, town or village under a declared state of emergency or disaster emergency as described in sections twenty-four or twenty-eight of the executive law.” All other types of marketing such as mailers, billboards, social media, internet etc., are permitted. You may call a FSBO if you have an identifiable purchaser interested in the property.  You are prohibited from calling the FSBO to solicit the listing.  You may still perform business to business calls so long as you are calling the number provided as the business number. NYSAR is monitoring all of the current Executive Orders declaring a State of Emergency. To view the States of Emergency that are still in effect, click here.

 Weekly Report for May 12, 2023

State lawmakers introduce first-time homebuyer savings account bill following NYSAR Lobby Day
Following NYSAR and REALTOR® Lobby Day advocacy efforts, legislation that would create a NYS first-time homebuyer savings account program (A.6933/S.6574) was introduced this week in the Assembly by Assemblymember Phil Ramos (Suffolk). The bill would allow individuals and families to take a state income tax deduction on annual deposits into the account (up to $5,000 for individuals and $10,000 for couples). Senator Jeremy Cooney (Rochester) carries the bill in the Senate. Support for this bill was one of NYSAR’s legislative priorities during its May 2 REALTOR® Lobby Day in Albany.

FHFA rescinds upfront fees based on DTI ratio
On May 10, following concerns expressed from NAR and other industry organizations, the FHFA announced that it has rescinded its proposed loan level pricing adjustment (LLPA) upfront fees based on borrowers’ DTI ratios greater than 40% for loans acquired by Fannie Mae and Freddie Mac. Additionally, the FHFA announced that it will schedule a Request for Input on another controversial proposed fee change which would increase fees on borrowers with credit scores over 680 and down payments from 5% to 24%. Read NAR’s full statement here.

NYC Council bill would delay implementation of NYC Local Law 97
NYC Council Member Vicky Paladino is urging support for a bipartisan bill in the NYC Council (Int. 913) that would delay implementation of Local Law 97, which was passed in 2019. Local Law 97 aims to reduce carbon emissions by requiring buildings in NYC over 25,000 square feet to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030. Fines for noncompliance also go into effect next year. It is estimated that 40,000 to 50,000 buildings across NYC would be impacted. Read more here.

 Weekly Report for May 5, 2023

Record attendance at NYSAR’s 2023 Lobby Day
A record number of REALTORS® attended this year’s NYSAR Lobby Day in Albany on May 2. Over 400 REALTORS® traveled to the state capitol to advocate on multiple housing-related issues, including addressing the state’s housing inventory and affordability challenges, opposition to “good cause” eviction, and support for legislation including creating a first-time homebuyer savings account, increasing experience required for a broker’s license, additional fair housing measures in coops, and a technical amendment to the state’s telemarketing restrictions during states of emergency. NYSAR 2023 President John Vernazza and State Senator John Mannion (Central NY) provided opening remarks, and NYSAR Director of Government Affairs Mike Kelly provided a legislative overview of issues and Talking Points.  Thank you to all who participated in another successful day of advocacy.

Summaries of new climate-related laws in NYC
Following passage of NYC Local Law 154 of 2021, the construction of certain new buildings in NYC will not be allowed to utilize fossil fuel burning systems. The requirements will be phased in starting with lower rise (less than 7 stories) buildings in 2024 and taller (7 stories and up) buildings in 2027. Additionally, following passage of NYC Local Law 97 of 2019, most buildings in NYC over 25,000 square feet will be required to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030. The buildings covered by Local Law 97 will be required to file a report with DOB by May 1, 2025 detailing their annual greenhouse gas emissions.

Click here for a detailed summary of Local Law 154.

Click here for a detailed summary of Local Law 97.

Final State Budget summary
Late Wednesday, state lawmakers approved a $229 billion state budget, nearly a month after the April 1 deadline. Much of the delay in a final budget plan was due to disagreements in the Legislature over Governor Hochul’s Housing Compact proposal to boost housing construction, changes to the state’s bail reform laws, and consideration of additional tenant protections, including “good cause” eviction. In the end, all housing policy was excluded from the budget, raising the possibility that the issue of housing and tenant protections could be taken back up before the Legislature adjourns in June.

The final budget includes a new mandate on all new construction to be all-electric beginning December 31, 2025 for buildings 7 stories or less, and larger buildings by December 31, 2028. Other major items in this year’s budget include modifications to the state’s bail reform laws to allow judges more discretion to set bail in violent cases, an increase in the state’s minimum wage to $17/hr. downstate and $16/hr. upstate by 2026 and then annually indexed to inflation, a new lead paint certification process for rentals outside of NYC, and allowing the revival of 14 charter schools in NYC. NYSAR will be monitoring expected regulatory proposals to implement the new electrification and lead certification laws and will be providing our perspective during any public comment periods. Click here for a summary of this year’s state budget.