To renew or not to renew: Albany faces key real estate votes

Rent regulation, tax cap and tax credit laws all on the agenda of state legislators

New York /
Jan.January 07, 2015 05:40 PM

As state lawmakers have returned to work and Governor Andrew Cuomo has been inaugurated for his second term, one of the most important issues on the agenda in Albany will be housing related.

At the top of the agenda this year is the expiration of rent control on June 15. Legislators will also address the tax cap — the 421-a program that offers a tax exemption for newly constructed housing in return for designating a minimum of 20 percent of the units as non-market rate. In addition, lawmakers will consider the J-51 tax credit, which exempts certain landlords from an increase in property taxes when rehabilitating multiple-dwelling buildings. Both the tax cap and tax credit are set to expire about the same time as the rent control provision, according to Capital New York.

Tenant activists are pushing to repeal vacancy de-control — in which affordable units become market-rate — while landlords are looking toward the Republican-held Senate to quash efforts to strengthen rent control, the website reported.

The Real Estate Board of New York’s political action committee raised roughly $1.9 million this election cycle, most of which went to Republican candidates for state senate.

Steven Spinola, the outgoing president of REBNY, called the current political climate “pretty decent,” in an interview with the website.

“I think it is good for the Legislature to be able to have the ability to debate all of the sides of the issue, and I think having the Democrats well-represented in the Assembly and significant numbers in the State Senate, and the Republicans with a majority in the Senate means that the leadership and the members have to recognize that they’ve got to make a deal with each other,” Spinola told Capital. “The pendulum swings back and forth.” [Capital NY] — Claire Moses


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
REBNY president James Whelan (REBNY, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Construction pipeline soars 69%: REBNY
Construction pipeline soars 69%: REBNY
A photo illustration of Fifth Avenue, Grand Central and SoHo in New York City (iStock)
Manhattan retail rents tick up as recovery slogs along
Manhattan retail rents tick up as recovery slogs along
CHIP executive director Jay Martin (LinkedIn, iStock / Photo illustration by Priyanka Modi)
Landlords called it: Vacancy rate jumps, rent-stabilization stays
Landlords called it: Vacancy rate jumps, rent-stabilization stays
From left: Assembly member Rodneyse Bichotte Hermelyn, Sen. James Sanders Jr. and REBNY's James Whelan (Getty, iStock, REBNY)
REBNY calls for larger fines. Wait, what?
REBNY calls for larger fines. Wait, what?
(iStock, Illustration by Shea Monahan for the Real Deal)
As lawmakers race to electrify buildings, industry pushes back
As lawmakers race to electrify buildings, industry pushes back
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...