Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
The Charter Review Commission is also recommending the creation of an independent Land Use Appeals Board. This board would offer an alternative avenue to challenge zoning and planning decisions, creating a formal process for appeals outside of the judicial system.
In a significant move with far-reaching implications for New York City’s housing and planning landscape, the New York City Charter Review Commission has approved a package of proposals for inclusion on the November 2025 ballot. These proposals aim to address key barriers to affordable housing development, modernize outdated land use processes, and increase civic participation in local elections.
For those in the real estate industry—especially Realtors, developers, housing advocates, and policy professionals—these changes could have a profound impact on project delivery, regulatory timelines and the future of housing in New York City.
One of the most impactful proposals would enable the city to streamline the approval process for deeply affordable and supportive housing projects. The current land use approval process can take years, thus delaying vital housing initiatives and increasing development costs. This proposal would establish a faster, more predictable pathway for these projects, helping to address the city’s affordability crisis.
Another proposal aims to simplify the public review process for modest or lower-density housing developments. Under this change, smaller-scale projects—often delayed by the same lengthy ULURP (Uniform Land Use Review Procedure) process as larger developments—would benefit from an expedited review process. This would not only save time, but also encourage more infill and “missing middle” housing in appropriate areas.
The Charter Review Commission is also recommending the creation of an independent Land Use Appeals Board. This board would offer an alternative avenue to challenge zoning and planning decisions, creating a formal process for appeals outside of the judicial system. For property owners and developers, this could add a valuable layer of accountability and efficiency.
Currently, the city’s official map is outdated and difficult to amend, creating obstacles for planning and infrastructure development. A proposed reform would modernize the City Map process, allowing for more routine and flexible updates that better reflect real-world land use, street conditions, and property lines—an important change for those involved in development and urban infrastructure.
Lastly, the commission has proposed aligning local elections with state and federal election cycles. Moving to even-numbered years is expected to significantly increase voter turnout, ensuring broader public participation in decisions that shape city government and land use policy.
If approved, these reforms could accelerate the pace of housing development, improve land use decision-making, and increase civic engagement—all of which are crucial to creating a more stable, efficient housing market. Realtors who work in New York City or represent clients with interests there should closely monitor the progress of these proposals and prepare for their potential impact.
At the Hudson Gateway Association of Realtors, we will continue to keep our members informed and engaged as we approach the November 2025 election. These policy shifts have the potential to create both opportunities and challenges in our market—and your awareness and advocacy will make a difference.
Early Voting Begins: Saturday, Oct. 25, 2025
Early Voting Ends: Sunday, Nov. 2, 2025
Election Day: Tuesday, Nov. 4, 2025
Stay tuned for more updates from HGAR Government Affairs—and be sure to vote this November.
Your voice matters—make a plan to vote!
About the author: Dr. Jermaine Meadows is the Director of Government Affairs for the Bronx for the Hudson Gateway Association of Realtors.
The Bronx continues to have the lowest homeownership rate in New York City, at just 20%.
Another important provision in the OBBBA raises the SALT deduction cap from $10,000 to $40,000 for taxpayers earning less than $500,000, effective from 2025 to 2029, before reverting to $10,000 thereafter.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
Legislative decisions at every level of government impact how we do business, safeguard private property rights, and help our clients achieve the dream of homeownership.
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