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 House and the Senate have passed and President Trump has signed a stopgap funding resolution through Dec. 11. This is a big step in keeping certainty going for the country and the economy at large.
Included in this resolution is an extension of the National Flood Insurance Program through next September, which will keep home purchases that require flood insurance more affordable. More government aid was not included for small business which has been negatively affected by COVID. House members have tried to attach repeals of the SALT cap, but that is not popular with lawmakers from low taxed states.
On a state level, lawmakers are considering revenue raiser enhancers to avoid draconian budget cuts. The MTA needs $12 billion from the federal government or commuter rail service west of the Hudson could be shut down. Metro North and the Long Island Rail Road could lose half of its current service.
One of the revenue raisers being promoted for the New York City area is a pied a terre tax which would primarily hit the affluent people who maintain an apartment in New York City. This could theoretically generate significant revenue, however, the downside result could be the abandonment of New York City by the owners of these apartments.
On a local level, the Human Rights Commission of Westchester County reported that only two fines have gone out to co-op apartment boards so far under the county co-op law. According to the FOIL request that HGAR submitted to Westchester County there have been at least 278 rejections and likely well over 300 at this point.
The commission made several recommendations, one of which was requiring a uniform application for all co-ops to use. Legislators generally support a reason in writing stating why a prospective purchaser, or renter is being denied from the co-op. Stay tuned for updates.
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.
NAR had several topics it wanted HGAR and the rest of the Realtor community on the Hill that day to hammer home.
This dispute could have far-reaching implications beyond the real estate industry, as the split-decision ruling from the Circuit Court conflicts with the existing precedent of both the D.C. Circuit Court and the U.S. Supreme Court.
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