LEGISLATIVE AFFAIRS: Mid-Summer Government Affairs Update
Philip Weiden | July 2018
On July 25, the U.S. House of Representatives passed an extension of the National Flood Insurance Program (NFIP) through Nov. 30 by a vote of 366 to 52. The bill next moves to the U.S. Senate for its consideration with little time to spare before the July 31 deadline.
Congress has enacted six short-term extensions of the NFIP since September 2017. More than 3,500 New York Realtors answered this critical Call for Action urging Congress to act.
This summer New York joined New Jersey, Connecticut and Maryland in filing a joint lawsuit against the federal government. The suit claims that the new federal tax code undermines the states’ ability to set tax policy and unfairly singles them out by limiting the federal deductibility of state and local taxes to $10,000 per year.
Over the years, NYSAR members have asked the NYSAR Legal Hotline what the proper license type description is for an associate broker. The confusion was caused by 19 NYCRR 175.25(c) referring to the license type as “Associate Real Estate Broker,” but on the license and pocket card sent to licensees it is referred to as “Real Estate Associate Broker.” NYSAR inquired with the New York State Department of State (DOS) as to what licensees need to display in order to comply with the advertising regulations. The DOS provided the opinion that an “associate real estate broker” may advertise as either an “associate real estate broker” or as a “real estate associate broker,” since both signify that the licensee is not a salesperson or the broker responsible for the operation of the brokerage, which, in part, is the purpose of the advertising regulations.
Local Governments Authorize 3,276 New Residential Units in June
Politico reports that local governments in New York State issued building permits authorizing 3,276 new residential units in June, according to data released recently by the U.S. Census Bureau. The number is 32% less than it was in May, but 2% more than June 2017. Almost two-thirds of the units were in multifamily buildings with five or more units, while less than one-third were for single-family homes.
In 2017, local governments in the state issued building permits authorizing 40,722 new residential units, 19% more than in 2016.