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.
The Small Business Administration will begin processing PPP loan forgiveness applications. Businesses’ are eligible for the forgiveness program if they spent 60% or more of the loan on payroll, and for other uses such as rent, electric or mortgage payments. The PPP program saved many businesses from going under. Businesses should submit their applications to the small business lender they worked with to obtain the loan.
The second update has to do with the National Flood Insurance Program. Congress has reauthorized the program for one year. This will help to ensure that homes that require flood insurance can receive financing allowing for the sale of the home. NAR President Vince Malta stated, “NAR thanks lawmakers for including a one-year extension of the National Flood Insurance Program in this Continuing Resolution, but the job is not done.” Malta, a broker at Malta & Co., Inc., in San Francisco, CA. went on to say, “As the 116th Congress nears its end, the House and Senate are missing a golden, bipartisan opportunity to move meaningful NFIP reform legislation authored by Chairwoman Maxine Waters and Ranking Member Patrick McHenry, which addresses the program’s viability and affordability. NAR urges Congress to make long-term reform a priority moving forward.” A five-year reauthorization would be the best thing long term for the program’s viability, but the one-year extension is better than a short term one.
Finally, Congress has still not approved aid for state and local governments. This will hold back the recovery as government workers will be laid off, or furloughed due to a shortage of funding. Congress must come to a deal, in order to avert a deeper economic meltdown. Vital services, such as trash collection, for instance, are now being reduced in New York City because of this.
The state must also resist any increase in transfer taxes. New York has the highest real estate taxes in the country. Any increase will further erode New York’s tax base. Stay tuned for updates.
Elected officials, seeking to appease vocal constituents, frequently uphold restrictive zoning laws that favor single-family residences over more diverse housing options.
These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
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.
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.
