Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
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.
Additional stimulus plans are being debated in Congress. Both the House and Senate are staking out where they will be on the next set of issues. Some states want more aid and others do not want to approve any aid if it goes to state and local governments. Governor Cuomo states that New York will need $60 billion. Whether New York actually needs that exact amount may be unknowable. What everyone agrees on is that the number will be significant.
It is clear that assistance to states must be forthcoming. This is like a natural disaster where all hands must be on deck. If we do not have aid to states, real estate transactions will be hurt as local governments and county clerk offices may stop functioning. Affordable housing programs will dry up, which will mean the continued exodus out of New York City because of the pandemic.
We also must get rid of the SALT cap as part of income tax policy. It cannot be stressed enough how much damage this is doing to the State of New York. It caused billions of dollars in deficits even before this pandemic hit New York. Even if SALT were eliminated as a temporary measure, it would help enormously and provide direct tax relief to middle class home owners in New York.
Finally, the pay check protection program (PPP) should get additional funding. It has been successful especially for small businesses that do not have a lot of cash on hand. Extending it is not only fair but necessary while supply chains are being interrupted. Stay tuned for updates on the next stimulus package.
Fernandez, who has served as HGAR’s CEO since September 2023, was among three award winners. She joined HGAR after having served as CEO of the Greater Louisville Association of Realtors.
As we enter a new era, HGAR remains steadfast in its commitment to serve and support you—through advocacy, professional development, and programs that empower your business.
Despite representing different parties, Latimer and Lawler share a bipartisan focus on housing policy solutions. Both have expressed support for raising the cap on the State and Local Tax (SALT) deduction.
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