Weekly Report

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.

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