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.
HGAR supports legislation that adds affordable rent-stabilized apartments to the rental housing stock that are safe, lead-free, energy efficient, and fully compliant with building codes.
Lobby Day 2024 is right around the corner—March 27th. Although this year we are heading up to Albany earlier than last year, we have already had a strong response from HGAR members planning to attend. Whether it’s arriving the night before or taking one of our two free buses up to the State Capital, our members are ready to meet their elected officials so their voices on key issues can be heard.
So let us go over some of the basics of the day.
Legislative Agenda
Here are the topics that on HGAR’s and NYSAR Legislative Agenda for 2024.
Support: Local Regulated Housing Restoration Adjustment (LRHRA) S63352C/A06772
Sponsor Sen. Leroy Comrie and Assemblyman Kenny Burgos
The bill provides that when a housing accommodation has been vacated after continuous tenancy or occupancy of 10 years or more prior to vacancy, and the owner has submitted documentation to the Division of Housing and Community Renewal (HCR) demonstrating restoration of the unit, the new legal-regulated rent shall be the rent agreed to by the owner and first tenant after such restoration and reserved in a lease or other rental agreement; provided that such new legal-regulated rent does not exceed Voucher Payment Standards for the geographic area.
HGAR supports legislation that adds affordable rent-stabilized apartments to the rental housing stock that are safe, lead-free, energy efficient, and fully compliant with building codes. These apartments will be affordable to working families from the local communities where the apartments are located.
Support: Section 8 / Insurance Discrimination
There are emerging issues around Section 8 and insurance discrimination where insurers are asking if a building takes Section 8 vouchers. This is clear discrimination and HGAR stands strongly against such issues. There are also issues with insurance premiums going up by more than 40% year-over-year. HGAR is particularly concerned about this issue not getting the attention of our elected leaders.
Support: First-Time Homebuyer Savings Account Program
(S.6574-Cooney/A.6933-Ramos)
NYSAR/HGAR supports establishing a New York State First Home Savings Account Program, which would provide a state income tax deduction on deposits of up to $10,000 annually for joint filers and $5,000 annually for individuals when funds are used toward the purchase of a first home in New York, including townhouses, condos and co-ops.
Support: Combat illegal discrimination in cooperative housing.
(S.2964-A-Kavanagh/A.1778-A-Lavine)
NYSAR/HGAR supports ensuring fairness and transparency in the cooperative housing purchase process by establishing a clear timeline for the response to applicants by co-op boards and requiring a reason for any denial of an application in order to help combat illegal housing discrimination.
Support: Housing Access Voucher Program
(S.568-A-Kavanagh/A.4021-A-Rosenthal)
NYSAR/HGAR supports establishing a Housing Access Voucher Program to provide rental assistance in the form of vouchers to low-income New Yorkers who are homeless or who face the risk of losing their homes.
Opposes: Collecting Broker Fees
(S.2783-Brisport/A.4781-Mamdani)
NYSAR/HGAR opposes the prohibition of landlords and landlords’ agents from collecting broker fees from a tenant.
Opposes: Good Cause Eviction
(S.305-Salazar/A.4454-Hunter)
NYSAR/HGAR opposes the imposition of a statewide “Good Cause” eviction standard, which would implement impractical and overly restrictive standards and stifle investment in rental housing. It would also impose de facto rent control statewide and prevent a property owner from recovering their property even after a tenant’s lease has expired.
Logistics
We have free two buses leaving on the morning of March 27th for your convenience. One bus departs from the HGAR White Plains office at 6 a.m., making a stop in Brewster at the DeCicco’s Parking Lot leaving at 6:40 a.m.
On the other side of the river, we have a bus leaving from West Nyack at the Macy’s parking lot at the Palisades Mall at 6 a.m., making a stop at the Newburgh Mall where it will depart at 7 a.m. Both buses will meet at the capital where we will be provided breakfast and strong words of encouragement before we go to Hearing Room A in the Legislative Office Building by 10 a.m. Afterward, we will be provided a lunch then board the buses home sometime in the mid-afternoon.
The night before, March 26th, RPAC is having a pre-Lobby Day fundraiser celebration.
All of this might be a little overwhelming and that is understandable. As a result before March 27th, I will be hosting an informational Zoom answering all questions about Lobby Day 2024. So, stay tuned and I look forward to seeing you on Lobby Day.
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.
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.
Unfortunately, many small businesses, including most real estate brokerage firms, and real estate investment and holding companies, will not meet these criteria and will therefore be required to comply fully with the CTA’s filing requirements.
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.
