The legislative session kicked off Wednesday. Here are the real estate-related policies we’ll be watching.
The last session handled several contentious housing policies. So what’s left?
Lawmakers have already said they want to get the Housing Access Voucher Program across the finish line. That proposal has broad support (including from tenant and landlord groups), but Gov. Kathy Hochul has said it would be too costly.
Sen. Brian Kavanaugh told me that he is hopeful the governor will come around on the idea, pointing to her commitment to fighting child poverty. The state’s Child Poverty Reduction Council issued recommendations in December that included creating a state voucher program. Whether the threat of potential federal cuts to housing plays a role in the proposal’s momentum remains to be seen.
We’ll have a better idea of the governor’s priorities next week. Hochul has been announcing initiatives this week in the lead up to her State of the State, when she will unveil her “Affordability Agenda.” Legislative leaders have also adopted affordability as the session’s guiding theme, according to City & State.
The Real Estate Board of New York is watching for the return of a bill that would limit ground lease rent increases on residential co-ops. It is also backing efforts to renew a program that provides income tax credits to businesses that move jobs from outside New York City or below 96th Street in Manhattan to certain locations above 96th Street or one of the other boroughs.
The New York Apartment Association is taking another crack at convincing lawmakers that they need more relief. The group is pitching a measure that would allow some owners of vacant rent stabilized units to rent their units to Section 8 voucher holders and collect the full voucher amount.
Check out our full rundown of measures to watch this year.
What we’re thinking about: The mayor is delivering his state of the city address on Thursday. What are you expecting him to say? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: State Sen. Majority Leader Andrea Stewart-Cousins is the longest serving Democratic majority leader in state Senate history, per City & State’s Rebecca Lewis.
Elsewhere in New York…
— The city saw a reduction of deaths caused by lithium-ion batteries in 2024, recording six compared to 18 reported in 2023, Gothamist reports. “One death is too many, but this progress is the result of enhanced public education, inspection efforts, and greater community engagement,” Commissioner Robert Tucker told the website. The number of fires caused by the batteries, however, increased to 277, up from 268 in 2023.
— President-elect Donald Trump is asking the U.S. Supreme Court to block the expected Friday sentencing in his hush money trial, Politico reports. His legal team filed an emergency application after a state appeals court rejected his request this week.
—A statewide lead registry is expected to go into effect later this year. New York’s Advisory Council on Lead Poisoning Prevention met on Wednesday to consider draft regulations governing the registry, which will track lead paint inspections in buildings in 25 upstate “communities of concern,” the Times-Union reports.
Closing Time
1/8/25
Residential: The priciest residential sale Wednesday was $66 million for a 5,767-square-foot sponsor-sale condominium unit at the Aman New York, 730 Fifth Avenue, in the Plaza District.
Commercial: The most expensive commercial closing of the day was $147.5 million for a 227,053-square-foot office building at 470 Park Avenue, in the Garment District. Colliers purchased the property from PGIM Real Estate.
New to the Market: The highest price for a residential property hitting the market was $28 million for a 4,661-square-foot condominium at 1 East 62nd Street in Lenox Hill. Zina Raslan and Carl Gambino of Compass have the listing.
Breaking Ground: The largest new building application filed was 160,400-square-feet at 1545 Jerome Avenue in Highbridge. Kimberly Murphy from ESKW/Architects filed the permit for an 11-story mix-used building that will include affordable housing and retail.
— Matthew Elo