Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
In 2023, the Rockland County Office of Consumer Protection investigated 617 complaints and returned $66,000 to homeowners.
As the year goes flying by a great deal has been happening at the state and federal level. At the federal level, the PPP deadline has been extended by Congress. This will help assist many businesses who are in line more time to apply for and receive much needed funds to stay afloat.
The American Rescue Plan, passed and signed into law by Congress, includes $25 billion for landlords which will help with lost back rent allowing for property maintenance and payment of property to state and local governments. Eviction moratoriums have worn out their use at this time. Many renters owe back rent of tens of thousands of dollars and have no means for paying that money back. In addition, there are renters who have the means to pay their monthly rent but are choosing not to do so.
At the state level, both houses of the legislature have passed their budget resolutions with billions of dollars in new taxes. HGAR is stridently opposed to any new real estate transfer taxes, mortgage recording taxes or the pied-a-terre tax which would tax homes in New York City valued at $300,000 or more a year. The State Senate also has a bill that would impose a 20% tax on homes that are bought and sold in less than one year in New York City. The goal of the legislators is to stop the flipping of housing units. This would have a negative effect on property ownership in the city as it would serve to drive down property values. Neighborhoods and properties would fall into disrepair.
On a local level, we finally have a co-op reform bill that has been formally introduced in the legislature. It calls for fines for failure to notify the Human Rights Commission of rejections, starting at $1,000 for a first offense, $1,500 for a second offense and $2,000 for a third offense. This bill is a big step in the right direction.
Please respond to the call for action urging the BOL to pass it. Stay tuned for updates on these matters.
A significant portion of our end-of-session efforts was focused on opposing legislative proposals that would have negatively impacted New York’s real estate sector.
It is important for an attorney to inform the seller the Property Condition Disclosure Statement does not require a seller to make any independent investigations relating to the subject matter contained in each of the questions contained therein.
NAR had several topics it wanted HGAR and the rest of the Realtor community on the Hill that day to hammer home.
This dispute could have far-reaching implications beyond the real estate industry, as the split-decision ruling from the Circuit Court conflicts with the existing precedent of both the D.C. Circuit Court and the U.S. Supreme Court.
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