The recent legislative session for real estate witnessed a mix of challenges and successes. Real estate groups successfully thwarted state bills threatening their interests, including one that could have expanded rent stabilization. Conversely, there was a lack of new policies to boost housing construction. The Real Estate Board of New York emphasized its coalition efforts in passing state housing vouchers and renewing tax credits. Future sessions may see previous bills reintroduced, and ongoing discussions about property tax breaks loom ahead.
We are grateful to the many state elected officials that recognized that the real estate industry should be a partner—not opponent—for advancing affordability, equity and prosperity across New York, REBNY President Jim Whelan said in a statement.
The legislative session ended without much policy aimed at increasing housing construction throughout the state, highlighting a significant gap in addressing the housing crisis.
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