“This partnership gives our agents the scale, technology, and marketing power to grow their business while maintaining the personal, client-first culture that has defined our success in the city.”
This legislation will make available an opt-in tax incentive to incentivize redevelopment of vacant or abandoned one-to-four family homes for use as affordable homeownership or rental housing.
This year’s breakfast featured Kenny Burgos, former New York State Assembly Member and now CEO of the New York Apartment Association, as keynote speaker.
This legislation will make available an opt-in tax incentive to incentivize redevelopment of vacant or abandoned one-to-four family homes for use as affordable homeownership or rental housing.
ALBANY—New York Gov. Kathy Hochul signed a legislative package earlier today to bolster homeownership and strengthen protections for renters.
The homeowner package will make homeownership more attainable through tax incentives and strengthens laws and policies to combat home appraisal discrimination. The renters’ package will strengthen protections for tenants statewide including extending protections on security deposits, limits on excessive fees for bounced checks, and banning collusion using algorithm-enabled rent price fixing used to inflate rents.
“Every New Yorker deserves a safe, stable place to call home,” Gov. Hochul said. “With this legislation, we’re opening more doors to homeownership and strengthening protections for renters—because every New Yorker deserves the fair chance to build a better life in a home they can afford. I am committed to delivering fairness and affordability in every corner of our state, so more New Yorkers can put down roots and build a future right here at home.”
Legislation (A355-C/S1718-B) creates an affordable homebuyer opt-in property tax incentive for homes built with assistance from governmental entities, nonprofits, land banks, or community land trusts, and sold to low- and moderate-income homebuyers.
Legislation (A6770/S7285) empowers communities to redevelop vacant properties into housing. Many municipalities struggle with vacant and abandoned buildings that are in a significant state of disrepair in neighborhoods that lack the local economic conditions necessary to incentivize redevelopment. Consequently, the investment required to redevelop these properties can exceed their value and the resulting funding gap prevents the property from being rehabilitated. This legislation will make available an opt-in tax incentive to incentivize redevelopment of vacant or abandoned one-to-four family homes for use as affordable homeownership or rental housing. This tool will help localities across the state combat vacant and abandoned properties and revitalize neighborhoods while also promoting more affordable housing opportunities.
Legislation (A6869/S7320) strengthens laws and policies to combat home appraisal discrimination. For too long, pervasive appraisal bias throughout the housing industry has unjustly stripped families of color of this opportunity, widening racial homeownership and wealth gaps. This legislation will make it a violation of the State's Human Rights Law to discriminate when providing real estate appraisals or in making such services available. The law will further enable the Department of State to fine appraisers for violations, in addition to other existing remedies, with half of those fines going to a fund to support fair housing enforcement.
Legislation (A3470/S7413) requires notice to be provided 90 days prior to commencement of a foreclosure action by a homeowners' association or condominium board lien for unpaid common charges, assessments, fines or fees.
Legislation (S7882/A1417-B) bans collusion using algorithm-enabled rent price fixing. Recent data shows that price-fixing algorithms cost tenants nationwide an estimated $3.8 billion more in inflated rents last year alone. The software companies make no secret that private data algorithms are intended to drive rent increases, with some openly advertising that they can help property owners outperform the market, resulting in housing market distortion and hurting tenants during a historic housing supply and affordability crisis. This legislation will protect renters from these practices, making New York among the first states in the nation to address rent price fixing collusion using these software services.
Legislation (S952-B/A6423-A) extends security deposit protections to rent-regulated tenants. In 2019, New York State provided market-rate tenants statewide with protections for security deposits, including requiring the return of remaining security deposits within 14 days of vacating the unit and allowing tenants to request an inspection to determine what needs to be remedied to receive a security deposit back in full. Rent-regulated tenants were erroneously left out from receiving these important protections. This legislation will grant rent-regulated tenants the same protections for their security deposits as all other tenants.
Legislation (A56-B/S3845-B) limits the fees a landlord could collect due to a bounced check to the greater of $20 or the costs the landlord incurred.
Legislation (S8311-A/A8412-D) ensures that family members and other individuals with established emotional and financial ties to tenants of NYCHA properties are granted succession rights. This prevents displacement of families and promotes transparency.
“This partnership gives our agents the scale, technology, and marketing power to grow their business while maintaining the personal, client-first culture that has defined our success in the city.”
This year’s breakfast featured Kenny Burgos, former New York State Assembly Member and now CEO of the New York Apartment Association, as keynote speaker.
The region’s current month’s supply of inventory stands at 3.9 months—below the 4-to-6-month range typically associated with a balanced market.
The two organizations plan to conduct due diligence and finalize definitive agreements by the end of 2025, followed by the pursuit of required regulatory approvals.
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