With the full legislature and governor facing re-election in 2026, HGAR and NYSAR are already preparing for what could be a watershed year for housing policy.
The NYC Rent Guidelines Board voted to approve rent increases of 3% for one-year leases and 4.5% for two-year leases on rent-stabilized apartments.
NAR successfully secured its top five priorities in the final package.
Weisz noted that in the past 15 years, the county’s office market has been reduced from 35 million square feet to approximately 26 million square feet.
One of the report’s major findings is that new multifamily housing development has not resulted in spikes in student enrollment in impacted school districts.
Gov. Hochul said the current limit of $10,000 on state and local taxes in New York State costs New Yorkers up to $12 billion a year.
“The top driver of our affordability crisis is the rising cost of rent and mortgages, and New Yorkers need our help.”
Rates at 6% are the new normal, and from a historical perspective they’re completely fine, especially given the strength of the economy and inflation adjusted wage gains over the past few years.
“The cost of living is just too damn high — especially when it comes to the sky-high rents and mortgages New Yorkers pay every month,” Gov. Hochul said.
Phase Two is to include 450 units of permanently affordable rental housing adjacent to the armory
A federal judge on Jan. 3 denied New Jersey’s attempt to stop or stall the launch of the congestion tolling plan two days later.
On the state and local levels, the real estate industry coped with high demand, low inventory and volatile interest rates as the Federal Reserve tried to battle inflation.
While the goal of protecting tenants is important, the reality is that this law could have far-reaching consequences that hurt housing affordability and discourage real estate investment.
PrimeSource, which is a leading manufacturer of proprietary brands and a distributor of premier third-party brands, will utilize the location to service New York, New Jersey, Connecticut and Pennsylvania.
Yun noted that a key trend going forward is that for-sale inventory has been increasing of late and is expected to continue next year.
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