Due to stubbornly high mortgage rates, a greater share of international home buyers paid cash—47% compared to 28% among all buyers.
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.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
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.
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.
A Mamdani candidacy and potential mayoralty could signal a policy environment more focused on tenant protections, rent regulations and public housing expansion.
The Federal Circuit’s decision underscores the rights of property owners to pursue compensation claims arising from the CDC eviction moratorium.
With this bill in place, all stakeholders from buyers to brokers can expect greater predictability and accountability in a process that has long needed reform.
At its Mid-Year Meeting, NAR also officially rescinded its “Non-Commingling Rule,” which was an optional policy that permitted Multiple Listing Services to limit display of listings online.
The Realtor delegation representing every state and territory rallied around several core issues that require Congressional action. These priorities were: expanding housing opportunity, protecting the Realtor business model and supporting homeownership for all Americans.
The House passed its version of the Big Beautiful bill on May 22 with a provision that would raise the SALT Cap to $40,000.
Early voting for the June 2025 primary elections runs from Friday, June 14 through Saturday, June 22. Primary Election Day is Tuesday, June 24.
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.
