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.
ALBANY—Gov. Andrew Cuomo ordered the closure of all offices for non-essential businesses on March 20 and indicated that all showings and open houses are also prohibited.
Previously, the governor limited staffing to 50%, followed by 75%, and now 100% workforce reduction in non-essential business offices per his order on March 20.
The governor specifically mentioned real estate activities in his press conference, stating, “I don’t know who you think you’re going to rent an apartment to now anyways if you kick someone out…by my mandate you couldn’t even have your real estate agent showing the apartment. Same with commercial tenants.”
Based on his comments, it is believed that all showings and open houses will be prohibited after Sunday evening, March 22. Furthermore, all brokerage offices will also need to close on Sunday, March 22.
Licensees are still able to work from home.
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.
A total of $789 million in funding is being directed to six projects in New York City ($603 million) and three projects in the Mid-Hudson region ($186 million).
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.
