WATCH: John Banks on the controversial construction safety bill, StreetEasy, REBNY’s RLS & more

Head of lobbying group sits down for an exclusive interview with TRD

TRD New York /
Oct.October 09, 2017 09:15 AM

The Real Estate Board of New York, some critics say, should be renamed “The Commercial Real Estate Board of New York,” given what they see as a one-sided devotion to causes dear to commercial developers and brokers. But John Banks doesn’t buy that.

During an exclusive interview with The Real Deal’s Hiten Samtani, Banks, who’s been at the helm of the influential trade organization since 2015, contrasted some of REBNY’s key recent milestones, such as the renewal of the 421a tax abatement and the Midtown East rezoning, with the significant but lower-key work being done on behalf of residential brokers.

“421a, East Midtown, those are broad public policy issues,” Banks said. “There aren’t broad public policy issues for the brokerage community – they’re independent contractors and there’s not a lot where the political process, which is where REBNY is publicly known, can provide for them … and so it makes us harder for us to have the same value proposition.”

He pointed to the rollout of REBNY’s residential listings service (RLS) as a potential game-changer for the residential community. The syndicated feed debuted on Aug. 1, and includes listings from Realtor.com, Homes.com and the New York Times, as well as listings from many of the city’s big firms. But StreetEasy, which has so far refused to feed the RLS, remains the existential question mark.

Banks spoke candidly on several key topics that are shaping the future of the industry, from the controversial construction bill known as Intro 1447, to the upcoming state Senate races, to REBNY’s expansion into the outer boroughs.

Watch the full interview above. And see more unplugged interviews with the likes of Taconic Investment Partners, Steve Witkoff, Robert Futterman and more.

Produced by Jhila Farzaneh and Kerry Barger. Interview conducted by Hiten Samtani


Related Articles

arrow_forward_ios
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

High expectations: A look at John Banks’ 4 years at REBNY
(iStock)

Manhattan co-op sales prices saw 11% drop in Q2

Manhattan co-op sales prices saw 11% drop in Q2
(iStock)

Manhattan vacancy hits new peak; Brooklyn stable

Manhattan vacancy hits new peak; Brooklyn stable
From left: Sandhya Espitia, John Canniffe and Jim Whelan (Linkedin, Whelan by Evan Gutierrez)

REBNY’s RLS chief bows out

REBNY’s RLS chief bows out
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
arrow_forward_ios

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

Loading...