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.
It is April, which means it is the state budget deadline. The budget was already a few days late when it was passed by the state legislature on April 7th. Items that HGAR was opposing appear to have been taken out of the budget. Essentially, real estate did not take a hit in the budget.
The pied-a-terre tax, which HGAR and NYSAR opposed, was removed from the budget and was a huge victory for home owners in New York City. No real estate transfer taxes were included in this year’s budget, which is another victory for real estate. HGAR has consistently opposed any attempt to impose transfer taxes, which serve to impede the transfer of real property.
The budget also rejected estate tax hikes and capital gains tax hikes, which could have been more onerous for real estate interests. The budget legalizes marijuana and mobile sports betting, which is expected to bring in $500 million in revenue over the next several years.
New York will see middle income tax cuts. Here is a breakdown of the tax cuts enacted for middle-class New Yorkers:
• People filing jointly in the $43,000-$161,550 income bracket will see their income tax rates lowered from 6.09% to 5.97%.
• People filing jointly in the $161,550-$323,200 income bracket will see their income tax rates lowered from from 6.41% to 6.33%.
Many positive items were adopted on the spending side. A $2.4-billion fund was established for rental assistance. Payment for as many as 12 months for back rent was included in the budget along with three potential future months. This is a big relief for those financially strapped. This will also be a big help to landlords who have struggled to make mortgage payments and needed repairs while not receiving anticipated rental income.
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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