The SALT deduction cap is quadrupled from $10,000 to $40,000 for households earning under $500,000. However, the bill does not eliminate the marriage penalty.
In April, existing-home sales in the Northeast fell 2.0% from March to an annual rate of 480,000, identical to April 2024.
Across several counties, April brought a surge of new interest, particularly in the Bronx, Rockland, and Putnam counties
The legislative priorities of HGAR and NYSAR were focused on assisting first-time homebuyers with rising housing costs, helping alleviate the severe housing shortage in New York State, and addressing escalating insurance costs.
ALBANY—A group of approximately 75 members of the Hudson Gateway Association of Realtors joined hundreds of Realtors from across the state at the annual Lobby Day here to promote key consumer and industry-centric legislation to state lawmakers.
The program, organized by the New York State Association of Realtors, featured private one-on-one sessions between HGAR officials and key state lawmakers including Senate Majority Leader Andrea Stewart-Cousins (D, W-F 35th District) and Assembly Speaker Carl Heastie (D-83rd District), and a highly informative give-and-take meeting with a host of state lawmakers from New York City and the Hudson Valley held in a legislative hearing room at the Capitol.
The HGAR contingent was led by Legislative Committee Co-Chairs Crystal Hawkins-Syska and Matt Engel, as well as HGAR Chief Executive Officer Lynda Fernandez, Alexander Roithmayr, Director of Government Affairs, and other HGAR support staff.
The legislative priorities of HGAR and NYSAR were focused on assisting first-time homebuyers with rising housing costs, helping alleviate the severe housing shortage in New York State, addressing escalating insurance costs that are having an adverse impact on multi-family housing and combating discrimination in cooperative housing purchase transactions and in the appraisal process.
During the meetings with state lawmakers, HGAR officials also expressed their opposition to the expansion of freshwater wetland regulations by the New York State Department of Environmental Conservation that is creating confusion and will likely result in a significant reduction in development of vacant parcels adjacent to existing wetlands. Several also warned that rising insurance costs could lead to foreclosures of multifamily properties in the Bronx.
The elected officials that attended Lobby Day and met with the HGAR delegation and discussed key issues included: Senators Jamaal Bailey (D-36th District), Shelley Mayer (D-WF, 37th District), Bill Weber (R-C-38th District) and James Skoufis (D-42nd District) and staff from Senator Jose Serrano (D-W-F, 29th District, and Assembly members: Dana Levenberg (D-95th District), MaryJane Shimsky (D-92nd District), Steven Otis (D-91st District), Matt Slater (R-94th District), Jeffrey Dinowitz (D-81st District), Grace Lee (D-65th District), Patrick Carroll (D-96th District) and Brian Maher (R-101st District).
HGAR Chief Executive Officer Lynda Fernandez said, “Our unwavering commitment to expanding housing opportunities was palpable during this critical time for our industry. Now, more than ever, it is essential to articulate our legislative priorities as we aim to generate housing inventory and facilitate generational access to housing and wealth-building opportunities. Together, our voices can make a significant impact to champion these vital issues for the benefit of our communities and future generations.”
HGAR President Vlora Sejdi added, “Lobby Day 2025 was no photo op—we came to work. From private sit-downs with Speaker Heastie and Majority Leader Stewart-Cousins to candid conversations throughout the Capitol, we pushed hard for fair housing and real support for first-time homebuyers. This is where the impact happens—if you weren’t there this year, make sure you are next time.”
HGAR also placed a photo of longtime HGAR Legislative Chairperson Leah Caro in the Assembly meeting room and handed out buttons with her picture in her memory. Caro, who usually led the Lobby Day sessions, passed away on April 6.
A rather poignant moment occurred when State Senator Mayer took the time to offer her memories of Caro before addressing the HGAR assemblage. “Leah was the voice of HGAR in every way. We had many agreements and disagreements, but she brought all this positive energy for your world, for what you represent and her commitment to the people. She is a very special friend,” Mayer shared.
The specific legislation supported by the HGAR and NYSAR delegations include:
New York State First Home Savings Program: If enacted, the program would provide a state income tax deduction on deposits of up to $10,000 annually for joint filers and $5,000 for individuals when funds are used toward the purchase of a first home in New York State, including townhomes, condos and co-ops. The bill passed the State Senate by a 61-0 vote.
New York State First Home Grant Program: The bill, which is in committee in the Assembly and Senate, would provide $10,000 to first-time homebuyers. The bill requires the homebuyer to maintain primary residence of the property for five years.
Expanding Tax Incentives Statewide for Development of Vacant Properties into Housing: The bill, which passed the Assembly by a 148-0 vote, would expand the availability of a state tax incentive for the development of vacant properties into one-to-four residential housing units statewide.
Expanding the SONYMA Low Interest Rate Program: The bill, which passed the Senate by a 61-0 vote, but is awaiting introduction in the Assembly, would expand program eligibility to graduates of post-secondary education or a comparable apprenticeship or workforce training program. Qualified individuals would be eligible for 30-year mortgages at a rate of 1.5 points lower than standard interest rate offered for a period of 10 years.
Exempting F Homebuyers from the Mortgage Recording Tax: The bill, which is in committee in the Assembly and Senate, would exempt first-time homebuyers from the mortgage recording tax to help lower closing costs.
Require Written Buyer Representation Agreements: The proposal, which is yet to be introduced, would help increase transparency in the homebuying transaction process.
Require Sexual Harassment Prevention Training for All Real Estate Licensees: The bill is currently in committee in the Assembly and Senate.
Prohibiting Long-Term Residential Listing Agreements: The bill, which is before the Senate Judiciary Committee, but has yet to be introduced in the Assembly, would limit residential listing agreements to no more than two years, with the option to renew if agreed upon, to protect the consumer.
Increase Real Estate Broker Experience: The bill, which is in the Judiciary Committee in the Assembly and Senate, would increase the years of experience to obtain a broker’s license to five years. New York’s current requirements are lower than laws in California, Connecticut, New Jersey and Pennsylvania to name a few.
HGAR also issued memos in support for:
Looking back on Lobby Day, HGAR’s Roithmayr said, "HGAR had another successful Lobby Day in Albany. It has been an honor to work alongside our Legislative Chairs over the past several weeks to organize such a substantive event. This year posed particular challenges, as the legislative session and budget negotiations limited the availability of our Senators and Assemblymembers. Despite that, we had over two hours of meaningful engagement with our representatives, who took the time to hear and speak to our issues. This is a true testament to the respect HGAR’s advocacy has earned from our state lawmakers."
The SALT deduction cap is quadrupled from $10,000 to $40,000 for households earning under $500,000. However, the bill does not eliminate the marriage penalty.
In April, existing-home sales in the Northeast fell 2.0% from March to an annual rate of 480,000, identical to April 2024.
Across several counties, April brought a surge of new interest, particularly in the Bronx, Rockland, and Putnam counties
The Tiki Beach event will feature live music by local band Heard Immunity.
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.
