LEGISLATIVE AFFAIRS: June Legislative Update

The Westchester County co-op transparency bill has finally had a public hearing. The number of speakers who came out in support of the bill outnumbered the naysayers by a 3 to 1 margin.

The arguments against the bill were ones we had heard many times before and easily disputed. Opponents said that the bill, if passed, would raise insurance premiums. This has not occurred in Suffolk County, the Village of Hempstead or Nassau County where these bills have been law for years. There has not been a drop off of participants willing to serve on co-op boards, as opponents have claimed will happen if the bill passes. There have been no documented lawsuits in the counties with co-op legislation as claimed by the bill’s opponents. Westchester County Executive George Latimer has pledged to sign this bill, and we are cautiously optimistic that it will pass the legislature.

On the state level, co-op discussions have continued to move along. It is unlikely that any bill will be passed this year. Some members of the Assembly are concerned about the automatic acceptance mandate if the board does not give an answer in the required time frame.

Also, on the state level, more than $2 billion in assistance is set to begin for landlords. They must submit applications to receive the aid and the process appears to be cumbersome and has not yet been fully vetted.

On the federal level, we continue to push for the full repeal of the SALT cap. Congressional members from the tri state area have said they want this as part of any infrastructure bill. We also continue to educate members of Congress on the importance of 1031 like kind exchanges. This is critical to the success of commercial real estate markets. We will keep you updated on these issues.