LEGAL CORNER: NYC Passes the FARE Act and Restricts the Payment of Commissions by Tenants
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
2020 has been a roller coaster of a year. It started out with a booming economy, a robust real estate market and an optimistic outlook for the year. That all quickly changed two months later when the economy virtually came to a halt due to the pandemic. Election Day is now here. As I write, early voting has already started. Below is a rundown of the levels of government up for election this year.
First, is the House of Representatives. All 435 members are up for election this year. Currently Democrats control the House. It takes 218 seats to win a majority. Current election reports show that the Democrats are likely to keep the House and could expand their majority.
In the Senate only about one-third of the seats are up this year. Currently, Republicans control the Senate. Democrats will need to win three seats in order to take control of the Senate if they win the White House, or four seats if the President is re-elected since a 50-50 tie is broken by the Vice President.
All of the seats in the New York State Senate and Assembly are up for election this year. Democrats have wide majorities in both chambers and are expected to keep control. No state-wide office is up for election until 2022.
Please make sure you get out and vote. No matter who you vote for, it is important to exercise your constitutional right. Stay tuned for election results.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.