On Wednesday, January 18, 2022, Governor Hochul presented her first Executive proposed budget for the fiscal year beginning on April 1, 2022.
The $216 billion budget proposal includes multiple real estate related initiatives including affordable housing funding, homeowner rebate checks and changes to the use of criminal background checks by landlords. You can learn more about the budget and how it impacts real estate by clicking here.
New York’s eviction moratorium expired on January 15, 2022. The 2020 eviction moratorium, implemented by former NYS Governor Andrew Cuomo, prevented landlords in New York from evicting tenants who couldn’t pay rent during the pandemic You can read more about the eviction moratorium on the NYS Senate website.
On December 21, 2021, Governor Kathy Hochul signed a series of new fair housing bills into law. NYSAR is proud to have worked with state lawmakers over the last two years to strengthen fair housing laws in New York State and is committed to educating REALTORS® about these new laws and regulations. In Governor Hochul’s approval messages for several of these fair housing laws, the governor included a series of technical amendments, or chapter amendments, to amend certain provisions and effective dates of the laws, which the Legislature has agreed to pass early this year. Click here a description of the new fair housing laws along with the proposed chapter amendments where applicable. NYSAR will continue to post updates when they occur.
On Friday, January 7, 2022, NYSAR 2022 President Jennifer Vucetic testified on behalf of the association before the state Senate at a legislative hearing on the state good cause eviction proposal (S.3082/A.5573), which can be viewed here. NYSAR strongly opposes the legislation and continues to hold one-on-one meetings with individual lawmakers to express our concerns. NYSAR will continue to update members on this legislative proposal, which is a top priority heading into the new year. To view President Vucetic’s written testimony, click here.
Governor Kathy Hochul announced that applications are now being accepted for the New York State Homeowner Assistance Fund (NYS HAF), a program that will provide up to $539 million in aid or other direct assistance to help eligible homeowners who are at risk of default, foreclosure, or displacement due to financial hardship caused by the pandemic. New York was the first state in the nation to receive U.S. Department of the Treasury approval to launch its program.
To learn more about the program, click here.
As required for REALTOR® membership, all REALTORS® must complete at least 2.5 hours of ethics training that meets specific learning objectives and criteria. The current cycle deadline is Dec. 31, 2021. Why wait? Head to nar.realtor/code-of-ethics-training to check your status and view training options today!
Governor Kathy Hochul has signed legislation permanently authorizing electronic notarization. This will play an important role in modernizing real estate closing transactions in New York State. NYSAR applauds Governor Hochul for streamlining this process, offering a practical solution for our members.
To view the bill and memo, please click here.
New York Governor Kathy Hochul signed a legislative package late Tuesday totaling nine bills aimed at combating housing discrimination. NYSAR is proud to have worked with state lawmakers over the last two years to strengthen fair housing laws in New York State. NYSAR is committed to educating our members about these new laws and regulations.
You can find a complete rundown of the new bills and what they mean for REALTORS® by clicking here.
By order of the New York City Commissioner of Health and Mental Hygiene (“City Health Commissioner”), effective Monday, December 27, 2021, workers in New York City who perform in-person work or interact with the public in the course of business must show proof they have received at least one dose of a COVID-19 vaccine. Businesses may not allow any unvaccinated workers to come to their workplace. A workplace is considered any location including property being shown or open houses where you work in the presence of at least one other person. Brokerages, their employees and independent contractors that work or conduct business in NYC (even if the office is not in NYC but you show property in NYC) are subject to the requirement.
NYC has provided a webpage with information on compliance as well as an informative FAQ. You can find that information here.
On Friday, December 10, 2021, Governor Hochul announced masks will be required to be worn in all indoor public places unless businesses or venues implement a vaccine requirement. The mandate is in effect until January 15, 2022 after which the State will re-evaluate based on current conditions.
Immediately following the Governor’s announcement, the Department of Health issued guidance on the mask mandate. If the business or venue does not implement a vaccine requirement, the mandate requires all persons, over age two and able to medically tolerate a face covering/mask, regardless of vaccination status, shall wear an appropriate face covering/mask while in any indoor public place. “Indoor public place” has been defined as any indoor space that is not a private residence.
Businesses and venues who implement a proof of vaccination requirement can accept Excelsior Pass, Excelsior Pass Plus, SMART Health Cards issued outside of New York State, or a CDC Vaccination Card. Businesses are no longer permitted to use the “honor system” as proof of vaccination status. In accordance with CDC’s definition of fully vaccinated, full-course vaccination is defined as 14 days past an individual’s last vaccination dose in their initial vaccine series (14 days past the second shot of a two-dose Pfizer-BioNTech or Moderna vaccine; 14 days past the one-shot Janssen/Johnson & Johnson vaccine). The State also accepts WHO-approved vaccines for these purposes. Parents and guardians can retrieve and store an Excelsior Pass and/or Excelsior Pass Plus for children or minors under legal guardianship. If a vaccination requirement is implemented, those individuals that fail to provide proof of vaccination status or are unvaccinated are not permitted to enter the business. There is no exemption for individuals who previously had COVID-19 or provide a negative COVID-19 test.
Businesses and venues that implement a proof of vaccination requirement must ensure that anyone 12 years of age or older is fully vaccinated before entering indoors. Vaccines for children ages 5-11 have only been available since November 2021. Therefore, in order to enter a business or venue that implements a proof of vaccination requirement, children ages 5 – 11 only have to show proof of having had at least one dose of the COVID-19 vaccination.
Vaccines have been available for 16–17-year-olds since April 2021 and for 12-15-year-olds since May 2021. At the time of the determination, 63% of the 12-17 age group has been fully vaccinated in New York State.
Licensees conducting showings and open houses are subject to the same requirements. While conducting a showing or open house of residential real property, the licensee is conducting business and the property would not be considered a “private residence” but a business. It is up to the owner/landlord as to whether they require proof of vaccination or everybody has to wear a mask. If the homeowner/landlord requires proof of vaccination, the licensee should take appropriate measures to verify the proof of vaccination using one of the methods outlined above.
For more information, please see the Governor’s announcement here: https://www.governor.ny.gov/news/governor-hochul-announces-major-action-address-winter-surge-and-prevent-business-disruption
NYSDOH Commissioner’s Determination: https://coronavirus.health.ny.gov/commissioners-determination-indoor-masking-pursuant-10-nycrr-260
NYSDOH FAQ’s: https://coronavirus.health.ny.gov/node/13521
For more information and updates on this fluid situation, visit NYSAR’s COVID-19 Resource page here. NYSAR members may also contact NYSAR’s Legal Hotline. The Legal Hotline is available Monday-Friday 9:00am-4:00pm at 518-436-9727.
Albany, NY – November 22, 2021 – Closed sales have continued to drop across the Empire State while home prices have risen for 18 consecutive months, according to the housing report released today by the New York State Association of REALTORS®.
After escalating for 13 straight months, closed sales in New York have receded in back-to-back months. Sales fell 10.0 percent from 15,401 homes this time last year to just 13,867 sales in October 2021. Pending sales dropped as well, falling to 14,108 homes – a 6.45 percent decrease from the 15,069 sales last October. New listings of homes also fell, decreasing from 18,440 listings in October 2020 to 15,507 last month. This marks a 15.9 percent decrease in year-over-year comparisons.
Median sales prices continued to rise in October. The median price of $370,000 last month marks a 10.1 percent increase from the $336,000 price in October 2020. The New York market has now seen 18 consecutive months of median sales increases in year-over-year comparisons.
Inventory of homes for sale declined 23.1 percent from 53,468 homes available last October to just 41,093 on the market across the state in October 2021.
Mortgage interest rates are starting to inch higher as well. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in October rose to 3.07 percent – the first time above three percent since April.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.
The National Association of REALTORS® announced the adoption of changes to its guidance for local Multiple Listing Service broker marketplaces that reinforce greater transparency for consumers. You can read more about the changes here.