Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant.
Genting Malaysia announced components of the bond sale deal on Aug. 15.
The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure.
HGAR’s Hawkins-Syska told the gathering that the raising of the SALT Cap to $40,000 “is a big win for our communities.
YORKTOWN—At a press conference on Aug. 1. U.S. Rep. Mike Lawler (R-NY-17), along with a host of county and local government officials and representatives of the Hudson Gateway Association of Realtors, hailed the inclusion of an increase in the State and Local Tax (SALT) deduction cap that was included in "One Big Beautiful Bill," or H.R. 1 that was passed by Congress and signed by President Trump on July 4.
Rep. Lawler led the press conference held at Yorktown Town Hall to highlight the SALT Cap deduction limit change, which was raised from $10,000 to $40,000 thanks to a contingent of Congressmen that were part of the House SALT Caucus, who fought for the increase to be included in the controversial HR1 bill, which included Rep. Lawler. HGAR Regional Director-Westchester Crystal Hawkins-Syska spoke at the press conference on the SALT Cap change’s impact on the real estate market. Also attending the event from HGAR were HGAR 2025 President Vlora Sedji and Alexander Roithmayr, Director of Government Affairs.
Under the bill, beginning with the 2025 tax year, homeowners can claim up to $40,000 in SALT deductions, quadruple the $10,000 maximum in effect from 2018 through 2024. The deduction increases slightly each year through 2029, then reverts to $10,000 unless Congress acts to preserve the increase. (There’s a phasedown for those with modified adjusted gross income over $500,000.) The new law also preserves mortgage interest deductibility at the level set in the Tax Cuts and Jobs Act (TCJA) of 2017, according to the National Association of Realtors.
Also attending the press conference were approximately a dozen vocal critics of the Big Beautiful Bill who complained about the bill’s cuts to vital programs and its impact on the federal deficit.
Rep. Lawler also touted a $6,000 federal tax credit for seniors and a $2,200 child tax credit that were part of the Big Beautiful bill. “As we all know, Rockland, Westchester and Putnam counties are three of the top 16 highest property-tax counties in America. And so, this is squarely targeted at the hard-working families in these communities,” Rep. Lawler said.
HGAR’s Hawkins-Syska told the gathering that the raising of the SALT Cap to $40,000 “is a big win for our communities. For the average homeowner, this change could mean thousands of dollars back in their pockets.” She noted that the revision phases out in 2029 and that the industry “has to keep the fight up” to make this permanent.”
Hawkins-Syska concluded her remarks, saying: “Whether you are a Realtor, a homeowner or simply a concerned neighbor, stay engaged. Let’s continue to advocate for policies that strengthen our communities and taxpayers and promote housing opportunities for all.”
Among a host of government officials on hand who spoke in support of the SALT Cap revision was Putnam County Executive Kevin Byrne, who said, “This is a very big win for the people of New York” and noted that leaders from both sides of the aisle have been calling for an increase in the SALT Cap or its outright elimination for years.
The next day, Rep. Lawler announced he had introduced the “Revitalizing America’s Housing Act” bill that he described as a bipartisan effort to expand housing supply, reduce costs, improve health and safety and strengthen oversight of federal housing programs.
The bill is geared to incentivize new construction, reduce regulatory barriers and unlock supply, expand financing options for buyers and builders, improve housing quality, safety, and sustainability and invest in financial literacy and homeowner counseling.
“Last Congress, I introduced the Revitalizing America’s Housing Act to address the critical housing challenges faced by the Hudson Valley and our nation. Parts of this package, like improving the Low-Income Housing Tax Credit and reauthorizing Opportunity Zones, were included in the One Big Beautiful Bill Act, which will unlock billions in investment and boost housing supply nationwide,” said Congressman Lawler. “This year, my focus is on practical reforms that can make an immediate difference. Expanding Opportunity Zone benefits to include ordinary income will open the door to far more investors, while incentivizing zoning reform will help communities cut outdated land-use barriers that block new housing.”
One provision of the bill would be to increase the capital gains exclusion for home sales, which he said would increase home inventory.
For further information on SALT, the National Association of Realtors has released an informative consumer guide at https://www.nar.realtor/the-facts/consumer-guide-state-and-local-tax-salt-deductions
Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant.
Genting Malaysia announced components of the bond sale deal on Aug. 15.
The Westchester Industrial Portfolio is situated in infill locations and are strategically located properties that benefit from significant barriers to entry, limited new supply and connectivity to major New York transportation infrastructure.
HGAR’s remote learning approach enables students to learn from any location, and each session is taught live by HGAR’s practitioner faculty members.
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