Weekly Report

Weekly Report for June 14, 2019

New state rent reform bill to be voted on by State Legislature
The State Legislature is expected to vote on new rent reform legislation (A.8281/S.6458) this week following an agreement announced Tuesday by Assembly and Senate leaders. Current rent regulations are set to expire June 15, 2019. Governor Cuomo has said he plans to sign the bill. Specific provisions to enact a “good cause eviction” standard and automatically cap annual rent increases at 1.5 times the CPI, which NYSAR opposed, were not included in the overall rent reform bill. More details on the new measures included in the omnibus rent bill can be found here. The legislative session is scheduled to adjourn for the year on June 19. 

NYSAR legislative priorities
NYSAR-supported legislation continues to advance in the final days of the legislative session. Legislation (A.6082/S.3839) that would expand core CE requirements for all real estate licensees and eliminate the “grandfathering” exemption for CE passed the Assembly and is currently before the State Senate for consideration of a full vote. Another bill (A.8024/S.6249), which would provide clarification on the permissibility of licensed real estate professionals to perform certain property valuation tasks, such as Broker Price Opinions, for appraisal management companies (AMCs) recently passed the Assembly Rules Committee and will be considered for a floor vote. NYSAR is urging the Legislature to approve these bills before the end of session. 

Governor addresses flooding on Lake Ontario
Gov. Cuomo announced up to $300 million in funding available for communities impacted by ongoing flooding on Lake Ontario to be used toward resiliency and economic development efforts. Leaders of the International Joint Commission (IJC) will also meet to discuss additional flood relief measures to help shoreline property owners. Flooding levels have reached record levels for second time in two years. Read more here

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