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November 2023

Weekly Report for November 24, 2023

City of Newburgh is latest locality to consider imposing rent regulation under state’s ETPA
The City of Newburgh recently released the conclusions of a residential rental vacancy study that revealed the city has a vacancy rate of 3.93 percent. Since the vacancy rate is below the 5 percent threshold, the city would be eligible to declare a housing emergency, which would authorize the regulation of certain residential rents under the state’s Emergency Tenant Protection Act (ETPA). Under the ETPA, properties with six or more legally established residential units built before January 1, 1974, would qualify for regulation. A public hearing will take place on December 11, after which the city council will consider whether or not to move forward with a possible vote to declare a housing emergency and evoke ETPA protections. The one-square-mile Village of Nyack adopted rent regulations earlier this month and the Village of Croton on Hudson voted to expand rent regulations. Read more here.

NYISO to keep 4 NYC peakers running past planned 2025 retirement to maintain reliability
The New York Independent System Operator (NYISO) will keep four peaker plants operating past their expected May 2025 retirement date in order to maintain an adequate electric reliability margin in the nation’s most populous city, grid officials said in a Short-Term Reliability Process Report published Monday. In July, the ISO concluded New York City will face a 446 MW deficit in its reliability margin beginning in the summer of 2025 due to rising demand and new emission limits on peaker plants. New restrictions and stricter rules on emissions are significantly contributing to energy reliability according to these reports. Read more here.

Con Edison ends Westchester gas hookup moratorium
Con Edison declared an end to a prohibition on new gas service in parts of Westchester County, allowing new buildings and customers to hook up starting in December. The utility notified the state Public Service Commission on Friday that it would lift the moratorium that took effect in March 2019 after repeated warnings. Con Ed cited lower demand forecasts and additional gas flowing into its territory from a pipeline upgrade. The utility plans to communicate the end of the moratorium with local officials and customers. It will notify customers on an interest list who inquired about gas service during the moratorium.

Rep. Santos will not seek reelection
Embattled Republican Rep. George Santos said he won’t seek reelection in 2024 after a bipartisan House subcommittee investigating him published a report that found “substantial evidence” the Long Island and Queens lawmaker knowingly committed a series of ethics violations and potential crimes. Read more here.


Weekly Report for November 17, 2023

Congress extends funding for NFIP to February 2024
The federal government funding bill passed by the Senate Wednesday extends funding of the National Flood Insurance Program (NFIP) through February 2, 2024 without any reforms until early next year. Funding for the NFIP was set to expire on November 17 absent action taken by Congress. Thank you to all New York REALTORS® who participated in the Call for Action calling on Congress to extend this critical funding for the NFIP. Read more here.

Rep. LaLota introduces bill to improve NFIP
On November 8, Rep. Nick LaLota (Suffolk) introduced the Increased Cost of Compliance (ICC) Modernization Act, a bipartisan bill that would aim to lower costs while increasing coverage for homeowners and property owners in high-risk flood areas and improve the National Flood Insurance Program (NFIP). “This bill would modernize the ICC by raising the limit, adding an additional coverage option, and no longer be counted toward NFIP’s coverage limit so that policyholders will not have to choose between essential home repairs and mitigation improvements,” said Tracy Kasper, NAR President. Read more here.

State Senator Tim Kennedy announces run for Congress
On Tuesday, State Senator Tim Kennedy (Buffalo) announced his run for Congress to replace outgoing Rep. Brian Higgins who plans on retiring in February 2024. The district includes parts of Erie and Niagara counties, including the cities of Buffalo and Niagara Falls. A special election for the congressional seat would be held in the weeks following Rep. Higgins’ retirement. Read more here.

NYC Mayor implements $4 billion in budget cuts reducing services
New York City Mayor Eric Adams is enacting $4 billion in budget cuts over the next year and a half that will reduce the number of public garbage cans, cancel the hiring of new police officers and lower the slots available for preschool. Every city agency will see 5 percent budget reductions this month, the mayor’s budget officials said, and possible further cuts may be imposed in January 2024. Read more here.


Weekly Report for November 10, 2023

Time is running out – Tell Congress to Extend NFIP past Nov. 17 deadline
Urge your members of Congress to protect the National Flood Insurance Program (NFIP) and extend the program before it lapses on November 17, 2023. Take Action Now and learn more by clicking here.

NY REALTORS® lead the fight against potential hidden discrimination in coops 
REALTOR® Magazine recently published an article highlighting NYSAR’s leadership in its fight to bring more transparency to the coop purchase process. For close to two decades, REALTORS® have been on the front lines pushing for these reforms and a recent survey conducted by NAR’s Research Group uncovered questionable rejections by coop boards through experiences by both REALTORS® and their clients. NYSAR continues to work with state lawmakers and the New York City Council to make it a priority to pass legislation to address this issue. Read the full article here.

2023 Election Results
Incumbents were generally victorious following this year’s “off year” election. NYSAR-supported candidate Sue Serino, who is a REALTOR® and former State Senator, won her seat for County Executive following a significant NYSAR Independent Expenditure campaign. In New York City, Republican Kristy Marmorato is expected to defeat incumbent New York City Council Member Marjorie Velazquez. Click here for a comprehensive breakdown of this year’s election results.


Weekly Report for November 3, 2023

REALTOR® Call for Action – Tell Congress to Extend NFIP past Nov. 17 deadline
Following REALTOR® advocacy efforts, Congress passed a last-minute spending agreement on September 30 to avert a government shutdown and extend the authority of the National Flood Insurance Program (NFIP). The agreement only funds the government through November 17, where Congress will have to come to another spending agreement. The NFIP has now been extended 25 times since 2017, showing the need for a longer-term solution. Take Action Now to urge Congress to avoid any lapse in November.

NYSAR meets with state budget officials on first-home savings account
This week, NYSAR staff held a meeting with state Division of Budget officials to discuss proposed legislation that would create a state first-time homebuyer savings account program. NYSAR has been strongly supportive of the proposal for several years, which would help New Yorkers save for a first home and incentivize residents and families to stay in the state. Learn more here.

Early voting across NY runs through Nov. 5
The last day for early voting is November 5. New Yorkers must vote at their assigned early voting site, which may be different from their Election Day polling site. The general election will take place on November 7. Look up your early voting polling location and election day polling location on the Board of Elections site here.

Lawsuit challenging NYC Local Law 97 thrown out
On Monday, a New York Supreme Court Judge dismissed a lawsuit filed by a coalition of co-ops and building owners seeking to block NYC Local Law 97, which restricts greenhouse gas emissions on most large buildings in the city beginning in 2024. Owners who do not comply will face fines of $268 per each metric ton over their emission limit. The city Department of Buildings is currently reviewing proposed rules that would grant two-year reprieves from fines for buildings that can prove they’ve made “good faith efforts” to comply with the law. Read more here.