Weekly Report
Weekly Report for January 17, 2025
Governor Hochul delivers 2025 State of the State Address
On January 14, Governor Kathy Hochul delivered her fourth State of the State Address in Albany outlining her priorities for the year. The governor’s speech placed a large focus on public safety and increasing affordability for New Yorkers, including proposals to provide a one-time “inflation refund” check, increasing the child tax credit, and providing down-payment assistance for first-time homebuyers.
Governor Hochul’s State of the State Address serves as a preview to her Executive Budget proposal which is due by January 21. NYSAR will evaluate all relevant proposals as more details become available throughout the budget process, underscoring the importance of building upon the state’s investment in housing included in last year’s budget: $600 million to support new housing development; $500 million in capital funding for new homes on state-owned property; and new local tax incentives to create more housing opportunities.
Click here for a full NYSAR summary of the Governor’s State of the State proposals.
Click here for 2025 NYSAR’s Statement on Governor Hochul’s State of the State Address
Update: State Code Council set to meet on mandated home fire sprinklers Feb. 28
The NYS Fire Prevention and Building Code Council is now scheduled to meet on February 28, 2025 to decide whether to adopt a new state fire sprinkler mandate following the postponement of two prior meetings. The proposed code change would mandate the installation of residential fire sprinkler systems in all new one- and two-family homes across New York. NYSAR is urging REALTORS® and residents to tell Governor Hochul, Secretary of State, and state lawmakers to oppose the proposed mandate. Learn more and Take Action here.
Gov. Hochul and state lawmakers agree on new short-term rental law
State lawmakers and Governor Hochul have agreed to chapter amendments that will result in passage of a new law giving counties the option to create their own registries for short-term rental properties. There will be no mandate on counties. Booking platforms, including Airbnb and Vrbo, will be required to send quarterly reports to counties and the Department of State. Short-term rental properties will also be required to pay the same sales and occupancy taxes as hotels. Lawmakers are expected to approve the final, amended version in January. Read more here.