Weekly Report for January 15, 2021
Sen. Michelle Hinchey will be Guest Speaker at NYSAR’s Legislative Policy Forum on February 10
State Senator Michelle Hinchey will be a guest speaker at NYSAR’s upcoming Legislative Policy Forum on Wednesday, February 10 at 9 a.m. during this year’s virtual Mid-Winter Business Meetings. Zack Rubin-McCarry, NAR’s field representative for our state will also provide an update on federal legislative and political issues. For more information and to register for NYSAR’s Business Meetings, click here.
Governor Cuomo delivers annual State of the State Address
This week, Governor Andrew Cuomo delivered his 11th State of the State address, which was held remotely and divided into four different speeches over the course of four days. During his address, Governor Cuomo laid the groundwork for his 2021 agenda, including a focus on ending the pandemic, addressing the state’s largest deficit in history, and implementing a plan to recover the economy and safely reopen businesses. New York currently faces a $15 billion budget gap, which Governor Cuomo is expected to address in his executive budget proposal due by January19. The governor also announced that he will seek to codify his executive order banning penalties and fees for late or missed rent payments through May 1, 2021 and will extend the state’s moratorium on commercial evictions through May 1, 2021. He will also propose legislation to create a five-year period during which property owners in New York City may convert vacant commercial space to residential use and affordable housing. You can watch the governor’s address and read more here.
NYC Mayor de Blasio presents $92.3 billion city budget
On Thursday, New York City Mayor Bill de Blasio outlined a $92.3 billion budget for the upcoming fiscal year while trying to address a $5.3 billion budget gap. The mayor said city property tax revenues are projected to decline by $2.5 billion next year driven by a loss in property values, primarily from commercial properties. The mayor also announced that incoming Senate Majority Leader Chuck Schumer and President-elect Joe Biden agreed to reimburse New York City for 100 percent of pandemic expenses, which would give the city an extra $1 billion. Read more here.
Property Tax increases capped at 1.23 percent
State Comptroller Thomas DiNapoli announced that property tax increases will be capped at 1.23 percent in the coming fiscal year. The tax cap falls under 2 percent for the second consecutive year. Read more here.