29 Sep

Legislative Affairs Update September 2016

Legislative Affairs Update 

September 2016

While attending the NYSAR fall meetings at Turning Stone on 9/27, Mike Kelly shared the following legislative agenda which will be NYSAR’s focus in the 2017 state legislative session:

  1. First-time home buyer tax credit – www.myfirsthome.com for details
  • Similar to 529 college savings accounts
  • Up to $5000/year for singles and $10,000/year for married people can be deposited into these accounts
  • These savings accounts would grow tax-free, similar to 529’s
  • They can also be funded by parents of those first-time home-buyers
  1. Co-Op reform – calling for greater transparency in the application process and setting a timeline within which co-op boards must respond to offers
  2. Agency Law - Continuing Education requirement of 2 hours for new agents and 1 hour as part of every agent’s 2-year license renewal – due to continuing complaints in the residential world about agents who are either unaware of agency law or simply not disclosing agency to buyers
  3. Zombie home legislation – requiring banks to maintain properties PRIOR to foreclosure if they become vacant
  4. Water testing becoming a hot issue.  NYSAR still opposes mandatory well test that is TIED to the real estate transaction.  Governor is entering discussion after Hoosick Falls water crisis.  NYSAR meeting with Gov. staff on the issue.
  5. AirBnB – ban in NYC on advertisement of listings less than 30 days.
  6. Ride-sharing – Uber/Lyft for the entire state, no deal yet
  7. STAR tax credit – the latest change requires new home-owners to register and be reimbursed by a check and not a credit against their property tax bill
  8. Repeal of cease-and-desist orders against Realtors – Realtors forbidden by law from marketing (calling, mailing, etc.) to any homeowners in the Bronx, Queens, and Rockland counties…these are pending.