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May 2024

Weekly Report for May 31, 2024

Attend Rally at New York City Hall – Wednesday, June 12 at 9a.m. to oppose restrictions on rental broker fees
REALTORS® living and working in New York City are rallying at New York City Hall at 9 a.m. on Wednesday, June 12, 2024 to oppose Int. 360, which would prohibit real estate brokers and agents of a landlord from collecting a broker’s fee from a renter. Register now to attend this rally at City Hall.

Click here for an Itinerary Flyer.

Click here to Take Action by sending a message to your NYC Council Member.

NYSAR opposes duplicative bill requiring lead paint hazard testing
Legislation (S.2353-A/A.4820-B) requiring home sellers to conduct a lead paint hazard test and provide a copy to a buyer or tenant prior to selling a home or executing a rental agreement passed the Assembly this week. NYSAR opposes this bill as it is duplicative of federal law and regulations already requiring substantial disclosure of lead-based paint hazards by all sellers or lessors for dwellings built before 1978. Additionally, the bill proposed does not address the significant costs associated lead paint remediation and removal. Read NYSAR’s full memo in opposition here.

Bill to expand state’s Deceptive Acts and Practices Law concerning
This week, NYSAR signed onto a letter urging state lawmakers to oppose legislation (S.795/A.7138) that would harm New York businesses and consumers and would lead to a needless spike in baseless lawsuits against honest businesses. The bill would expand New York’s Deceptive Acts and Practices Law (GBL §349) to:

  • include two new highly subjective and vague standards of “unfair” and “abusive;”
  • remove requirements for a party to show real harm to bring a lawsuit;
  • allow third party organizations ability to bring lawsuits;
  • increase statutory damages for violations from $50 to $1,000 per violation;
  • mandate courts award attorneys’ fees and costs to the plaintiff, incentivizing lawyers to bring meritless suits against honest businesses.

Read more here.

2024 New York congressional primaries to watch
New York is the center of a pivotal election year as control of the House of Representatives hangs in the balance. As many as seven of New York’s 26 seats are considered competitive in November. But before Democrats and Republicans face each other in the general election, a number of contentious congressional primaries are already unfolding in the state. Read more here.


Weekly Report for May 24, 2024

Register to attend Rally at New York City Hall – Wednesday, June 12 to oppose restrictions on rental broker fees
REALTORS® living and working in New York City are rallying at New York City Hall at 9 a.m. on Wednesday, June 12, 2024 to oppose Int. 360, which would prohibit real estate brokers and agents of a landlord from collecting a broker’s fee from a renter. Register now to attend this rally at City Hall (City Hall Park, New York, NY 10007).

Veterans Affairs signals temporary suspension of buyer agent payment ban
The Department of Veterans Affairs plans to temporarily lift its ban on buyers directly paying for professional real estate representation until the agency deems it necessary to engage in a formal rulemaking process. NAR submitted a letter to the VA in late March, urging a policy change to ensure veterans maintain their access to the VA home loan program, which has been a significant tool in helping service members achieve homeownership. Read more here.

Concerns over reliability of NY’s electrical grid as summer nears
The New York Independent System Operator (NYISO) released a report Friday saying that more than 40,700 megawatts of power sources are available to meet an estimated 33,300 megawatts of peak demand, which measures the average total demand for a one-hour period.

NYISO, a not-for-profit corporation that manages the state’s electrical grid and marketplace, said reliability margins — which measure the electrical grid’s “insurance policy” of extra power to be used during periods of high demand or unforeseen circumstances — are continuing to shrink. Read more here.

Challenge to NYC’s Building Emissions Law (Local Law 97) Reinstated by Court

A panel of judges from the State Appellate Division’s First Judicial Department on May 16 reinstated a lawsuit filed by a small coalition of co-op and building owners challenging New York City’s building emissions law, Local Law 97. The judges’ decision modifies a November 2023 State Supreme Court ruling from the State Supreme Court that had dismissed the suit. In reversing the dismissal of one of the claims, the judges panel ruled that the state’s Climate Leadership and Community Protection Act may preempt the City’s Local Law 97. Read more here.


Weekly Report for May 17, 2024

NYC Call for Action: Oppose City bill restricting rental broker fees
REALTORS® living and working in New York City – Please urge the New York City Council to oppose legislation (Int. 360) prohibiting real estate brokers and agents of a landlord from collecting a broker’s fee from a renter. This bill would drastically change the rental market by eliminating the ability to negotiate who pays a commission and would result in higher rents for tenants. Prohibiting this common practice of collecting a broker fee will reduce the use of real estate professionals in rentals, harming both REALTORS® and tenants. The NYC Council will be holding a public hearing to consider this legislation on June 12, 2024.

Urge your NYC Council Member to oppose this bill by clicking here.

FHFA Confirms GSEs’ Guidance on IPCs
The Federal Housing Finance Agency (FHFA) sent a letter to NAR confirming that both Fannie Mae and Freddie Mac published explicit confirmations on April 15, 2024, that buyers whose agent is compensated by the seller will continue to have access to financing through those institutions. Furthermore, so long as it remains “customary” by “local convention” for the seller to pay commissions, those will not be added to the interest party contributions (IPC) and subject to the caps on IPCs. Interpretation of this rule under the proposed settlement was of great concern, and NAR wrote to Fannie Mae, Freddie Mac, and the FHA seeking confirmation of  NAR’s interpretation. In a letter to NAR, FHA confirmed that this interpretation does hold.

New York state Legislature 2024 races to watch
This November, all seats of the State Legislature are up for election. Democrats maintain supermajorities in both the state Senate and the Assembly, but some losses last cycle tightened their margins, particularly in the Assembly. On top of that, the Assembly also has new district lines to run in – although they are largely similar to the districts used last cycle. Read more about upcoming competitive races across the state here.


Weekly Report for May 10, 2024

NYC Call for Action: Oppose City bill restricting rental broker fees
REALTORS® living and working in New York City – Please urge the New York City Council to oppose legislation (Int. 360) prohibiting real estate brokers and agents of a landlord from collecting a broker’s fee from a renter. This bill would drastically change the rental market by eliminating the ability to negotiate who pays a commission and would result in higher rents for tenants. Prohibiting this common practice of collecting a broker fee will reduce the use of real estate professionals in rentals, harming both REALTORS® and tenants. The NYC Council will be holding a public hearing to consider this legislation on June 12, 2024.

Urge your NYC Council Member to oppose this bill by clicking here.

 State begins program to develop housing on state-owned land
On May 9, Governor Hochul announced that the state has started the Redevelopment of Underutilized Sites for Housing (RUSH) program following approval of $500 million in funding from this year’s State Budget. The program, which utilizes state funding to construct new affordable homes on state-owned property, has chosen unused land owned by the Department of Transportation in Farmingdale as its first project to attract developers. Read more here.

Gov. Hochul announces $59 million awarded to create new housing in 500 ADUs
On May 2, Governor Hochul announced that $59 million has been awarded to local governments and non-profit organizations in the first two rounds of the state’s $85 million ADU Plus One program, which will help increase housing supply by providing resources for low- and middle-income homeowners to build or improve an accessory dwelling unit on their property. The governor anticipates the program could lead to the creation of up to 500 ADUs across the state. Read more here.

City of Kingston considers opt-in to state “good cause” eviction protections
On May 6, City of Kingston Mayor Steve Noble announced that he is urging the Kingston Common Council to pass a local law opting in to the state’s “good cause” eviction protections. Additionally, the mayor is recommending the adoption of local laws to provide a tax exemption for new accessory dwelling units and a tax exemption for the construction of new affordable housing where at least 25 percent of the units are income-restricted for households between 60-80 percent of the AMI. Read more here.


Weekly Report for May 3, 2024

NYC Call for Action: Oppose City bill restricting rental broker fees
REALTORS® living and working in New York City – Please urge the New York City Council to oppose legislation (Int. 360) prohibiting real estate brokers and agents of a landlord from collecting a broker’s fee from a renter. This bill would drastically change the rental market by eliminating the ability to negotiate who pays a commission and would result in higher rents for tenants. Prohibiting this common practice of collecting a broker fee will reduce the use of real estate professionals in rentals, harming both REALTORS® and tenants. The NYC Council will be holding a public hearing to consider this legislation on June 12, 2024.

Urge your City Council Member to oppose this bill by clicking here.

Mayor Adams’ housing plan starts public review
On Monday, the NYC Planning Commission began its public review process for Mayor Eric Adams’ “City of Yes” housing agenda – a plan to increase residential development across all five boroughs through substantial zoning changes. City community boards and borough presidents will offer advisory recommendations on the zoning amendment in the coming months before a final vote of the City Council that is expected by the end of the year. Some of the proposed changes include allowing construction near public transit, allowing ADUs, and allowing developers to construct larger buildings if they set aside income-restricted housing. Read more here.

Tim Kennedy elected to Congress
On Tuesday, Democratic State Senator Tim Kennedy (Buffalo) defeated Republican Gary Dickinson in the special election to replace retired Rep. Brian Higgins. Newly-elected Congressman Kennedy will be sworn in to serve the remaining eight months of Higgins’ term and plans to run for a full term this year in November. Read more here.

Former Assemblymember Mosley nominated to be Secretary of State
Governor Kathy Hochul has nominated former Brooklyn State Assemblymember Walter Mosley to serve as the next Secretary of State to replace Robert Rodriguez, who is leaving the office on May 8 to head the State Dormitory Authority. Read more here.