Westchester CRE Market Ended First Quarter with Mostly Increased Activity
Boasting a vacancy rate in the low 4% and uninterrupted positive trends in rental rates, fundamentals for Westchester multifamily are strong.
In the weeks leading up to heavy negotiations in Albany, HGAR personally educated more than two dozen elected officials on Good Cause Eviction and the most problematic aspects of valuing tenant protection over property rights.
The most common entities that run the risk of losing the limited liability protection are small, closely held corporations and LLCs made up of family members or a small number of shareholders and members.
New York has gone to great lengths to ensure that consumers are treated fairly. All licensees are now tasked with ensuring all members of the public are treated with equity to ensure that steering and all other forms of discrimination are rooted out and eliminated.
The settlement achieves two important goals: protecting members to the greatest extent possible and preserving consumer choice.
The new PCDS includes new language that requires the disclosure of issues related to flooding, but most importantly, it removes the $500 credit/waiver, which would have been provided by the seller to the buyer if the seller failed or refused to provide the PCDS.
HGAR supports legislation that adds affordable rent-stabilized apartments to the rental housing stock that are safe, lead-free, energy efficient, and fully compliant with building codes.
Any attempt by a homeowner or landlord to remove a “squatter” (and a tenant or holdover tenant) utilizing “self-help” would be deemed an unlawful eviction [and the owner or landlord would be subject to criminal liability.
Studies have shown that the construction of 100 units of multifamily housing generates an average of 161 jobs and $11.7 million into the local economy in the first year.
Local Law 31 also includes a five-year testing requirement, meaning that all residential building owners in NYC must have all dwelling units inspected for lead paint by Aug. 9, 2025.
HGAR expects that all members act with courtesy and respect toward each other, the staff, service providers, speakers and event participants at all HGAR events and when acting as an HGAR member.
“This agreement will open up housing specifically for low-income New Yorkers and send a clear message that this kind of discrimination is unacceptable in our communities,” said New York Attorney General Letitia James.
NAR’s view is that all relevant cases should be included in any consolidation (including buyer and seller cases), and the Northern District of Illinois is best placed to address the industrywide issues these cases present.
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