With the full legislature and governor facing re-election in 2026, HGAR and NYSAR are already preparing for what could be a watershed year for housing policy.
The NYC Rent Guidelines Board voted to approve rent increases of 3% for one-year leases and 4.5% for two-year leases on rent-stabilized apartments.
NAR successfully secured its top five priorities in the final package.
WHITE PLAINS—The Hudson Gateway Association of Realtors will be hosting National Association of Realtors Chief Economist Dr. Lawrence Yun for a special RPAC Breakfast on Oct. 10 beginning at 8:30 a.m.
Dr. Yun will provide an economic update, and the current state of the national, state and local housing market. In addition, he will share an overview of the recently released, “2023 Report on International Transactions in U.S. Residential Real Estate” and the results of HGAR’s local oversample survey of the National Report on international activity in the HGAR local market.
Recently reacting to lower metro sales, Dr. Yun said, “Home sales were down due to higher mortgage rates and limited inventory. Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing.”
Dr. Yun has been advocating for the Federal Reserve to halt any further mortgage interest rate hikes as it attempts to control inflation.
The program will begin with breakfast and networking, followed by a welcome address by HGAR President Tony D’Anzica and remarks by HGAR 2023 RPAC Co-Chairs, Anthony Domathoti and Ron Garafalo. Yun’s address will begin at 10 a.m. and will include a question and answer session.
While many potential buyers believe they need a down payment of 20% for their first home purchase, the typical down payment for first-time buyers has ranged from 6% to 9%, dating back to 2018.
Indelicato joins the City of Yonkers with over 30 years of experience as an attorney and city planner for several Westchester County municipalities.
BRI officials stated that while the new increases prevent another destructive rent freeze, they once again fall short of what is required to keep up with rising costs.
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