Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
The Realtor delegation representing every state and territory rallied around several core issues that require Congressional action. These priorities were: expanding housing opportunity, protecting the Realtor business model and supporting homeownership for all Americans.
Earlier this month, the Hudson Gateway Association of Realtors (HGAR) proudly joined thousands of members from across the country at the 2025 National Association of Realtors (NAR) Legislative Meetings in Washington, D.C. This annual gathering is more than a conference—it’s the single most impactful week of advocacy for our profession, our industry, and the homeowners we serve every day.
While many of our 13,000 members couldn’t attend in person, rest assured: your voice was in the room. Your HGAR Government Affairs team walked the halls of Congress to meet directly with key lawmakers and advocate for the policies that shape your business and your communities.
During our time in Washington, we met with a strong slate of federal representatives whose districts include or neighbor HGAR’s footprint. These meetings included productive and engaging conversations with:
Representative Daniel Goldman (NY-10)
Representative George Latimer (NY-16)
Representative Adriano Espaillat (NY-13)
Representative Michael Lawler (NY-17)
Representative Ritchie Torres (NY-15)
Representative Pat Ryan (NY-18)
Each of these elected officials heard directly from Realtors about the challenges facing the real estate industry—especially in the areas of housing affordability, inventory constraints, small business taxation and the growing barriers to homeownership.
These weren’t casual drop-ins. They were structured, well-prepared visits supported by NAR's legislative priorities and policy research. The message was clear: our industry needs strong federal support to meet the housing needs of today’s America.
The Realtor delegation representing every state and territory rallied around several core issues that require Congressional action. These priorities were rooted in three strategic goals:
Each of the legislative proposals we presented is a tangible step toward achieving those goals.
The U.S. is currently facing a housing deficit of 4.7 million units—a crisis that continues to drive up prices and lock out first-time buyers. HGAR and NAR are calling for federal legislation that will help increase housing inventory, lower regulatory barriers, and incentivize development and turnover.
This bill aims to encourage long-time homeowners to sell by reducing the capital gains tax penalty. For many seniors or long-term owners, the fear of a hefty tax bill is a key reason they stay put freeing them from that burden could bring much-needed homes to market.
This bipartisan proposal would create a grant program to help local governments reform zoning and permitting processes often the most significant bottlenecks in creating new housing. If passed, this act could unlock more local development across Westchester, the Bronx, and the Hudson Valley.
Vacant storefronts and underused office buildings are a post-pandemic challenge and a potential housing solution. This bill supports adaptive reuse of commercial properties, turning them into residential units in walkable, transit-friendly areas.
This bill proposes increasing the amount first-time buyers can withdraw from IRAs penalty-free for home purchases. Especially in high-cost markets like ours, boosting down payment flexibility can be a game-changer for young buyers.
This important legislation would amend the Fair Housing Act to include sexual orientation and gender identity as protected classes. This aligns with our profession’s commitment to fairness, equality, and inclusive access to housing.
The Realtor community is powered by entrepreneurs. In fact, 88% of Realtors are classified as independent contractors—a model that offers the flexibility and autonomy necessary for success in our business. But that model is increasingly under threat, especially as federal rules and tax policies evolve.
That’s why HGAR strongly advocated for three bills designed to protect and empower self-employed professionals:
Health care remains a top concern for independent contractors. This bill would make it easier for Realtor associations to offer affordable group plans, giving members better access to quality coverage at reasonable rates.
This legislation preserves the independent contractor status of real estate agents, ensuring we are not swept into misclassification legislation that could upend how agents operate.
This bill would make permanent the 20% deduction for pass-through business income—an essential tax benefit for small businesses and sole proprietors. Without this extension, Realtors could face a sharp increase in their federal tax burden beginning in 2026.
Advocating in Washington is just one piece of the puzzle. Our work continues here at home, in our communities and with our local officials.
That’s why we’re inviting all HGAR members to take the next step by getting involved in local grassroots advocacy.
Our Local Political Coordinator program empowers HGAR members to act as liaisons between the Realtor community and local elected officials. LPCs monitor legislation, attend town board meetings, build relationships with policymakers, and help keep our association informed of emerging issues.
If you’re passionate about protecting the future of real estate in your town or city, this is your chance to make an impact where it counts.
Legislation doesn’t happen in a vacuum. It’s shaped by the voices of professionals like you—people who know the market, understand the challenges, and work every day to help families find homes.
When we show up on Capitol Hill or at a city hall meeting, we bring more than talking points—we bring your stories, your clients’ struggles, and your industry expertise. And that makes all the difference.
We’ll continue to monitor progress on each of the federal bills mentioned above and will keep you updated through our Government Affairs communications.
Thank you for trusting us to represent your interests at the national level. We’re proud to be your voice in Washington, and we’re even prouder to bring that advocacy back to serve our local communities.
Together, we’re not just selling homes—we’re shaping the future of housing policy and defending the value of homeownership for generations to come—The HGAR Government Affairs Team.
About the author: Dr. Jermaine Meadows is the Bronx Director of Government Affairs for the Hudson Gateway Association of Realtors.
The Charter Review Commission is also recommending the creation of an independent Land Use Appeals Board. This board would offer an alternative avenue to challenge zoning and planning decisions, creating a formal process for appeals outside of the judicial system.
This comprehensive update will address some of the most important issues facing our community today and tomorrow.
The Bronx continues to have the lowest homeownership rate in New York City, at just 20%.
Another important provision in the OBBBA raises the SALT deduction cap from $10,000 to $40,000 for taxpayers earning less than $500,000, effective from 2025 to 2029, before reverting to $10,000 thereafter.
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