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NYC REALTOR® Call for Action – Oppose NYC “First Opportunity to Purchase” Bill
The New York City Council is considering legislation Int. No. 196, which would establish a right of "first opportunity to purchase" for not-for-profit organizations. Specifically, the bill would require property owners of buildings with 3 or more units to notify New York City's Department of Housing Preservation and Development (HPD) at least 180 days prior to listing a building for sale. Should a nonprofit submit a “notice of an intent to exercise an opportunity to purchase" during that time period, the sale could be delayed an additional 120 days. The property owner would be prohibited from accepting any offers outside of nonprofits approved by HPD during this time. Tell your NYC Council Member to oppose Int. No. 196 now by clicking HERE – deadline to respond to this CFA is this Monday, February 27.
NYC Mayor Eric Adams’ administration has also expressed concerns with the bill at a public hearing that was held Thursday saying that the legislation is “very broad” and “risks significantly disrupting the housing market, potentially causing the most significant harm to small property owners.” Learn more.
Get the Facts on New York’s Proposals to Require Electrification of Homes Across the State
Gov. Kathy Hochul and the state Legislature are considering legislation to prohibit new and existing fossil fuel hookups and systems in homes across the state. Get more information on New York State’s proposals to reduce carbon emissions through the electrification of residential and commercial buildings at NYSAR’s website. Estimated up-front costs for homeowners to retrofit their home to be all-electric could range from $12,000 – $50,000. To sign up to receive future alerts and updates, click HERE.
Joint State Legislative Budget Hearing on Housing on March 1
The state Senate and Assembly will be holding their joint legislative budget hearing on Housing on Wednesday, March 1, at 9:30 a.m. Following the hearings, the Senate and Assembly will release their respective one-house budgets, advancing negotiations toward a final budget, which is due April 1, 2023. The hearing can be streamed live HERE.
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