Legislative Update – July/August
State Assembly concludes 2-day special session
The Assembly wrapped up its annual legislative session on June 21 after a productive two-day special session. This marathon session focused primarily on addressing local matters, with numerous bills passed to address local tax extensions and similar issues. In addition, several important bills were approved in the final days, awaiting Governor Hochul’s review. These bills encompass a range of topics, including a new mandate for Limited Liability Companies (LLCs) to disclose the identities of beneficial owners, reforms to enhance the state’s wrongful conviction process, and the authorization for the town of Orangetown in Rockland County to establish a community preservation fund via a fresh real estate transfer tax. Governor Hochul will now carefully consider these bills before making any decisions.
State lawmakers approve bill to address deed theft
During the concluding days of the legislative session, the Senate and Assembly passed a significant bill (S.6577/A.6656) to safeguard victims of deed theft. This legislation includes a provision that enables a suspension of foreclosure proceedings in cases where there is an ongoing investigation into potential fraud or forgery concerning the property title. The bill will be forwarded to Governor Hochul in the coming months for her careful evaluation and consideration.
Hinchey Legislation to Create State’s First Short-Term Rental Registry Passes Senate
Senator Michelle Hinchey announced that her bill to aid municipalities in their effort to track, capture revenue, and decide how and whether to regulate short-term rentals passed the State Senate.
Associations File Joint Brief to Challenge NY Rent Control Law
The National Association of Realtors®, National Apartment Association, National Association of Home Builders, and the Mortgage Bankers Association filed a joint amicus brief in support of two cases asking the Supreme Court to hear a challenge to New York’s Rent Stabilization Law (RSL).
Save the Date: NYSAR Lobby Day – April 30, 2024
Mark your calendars – NYSAR’s annual Lobby Day in Albany is scheduled for Tuesday, April 30, 2024. Following this year’s record attendance, next year’s NYSAR Lobby Day has been moved to a larger adjacent venue, the Empire State Plaza Convention Center. More details to come. We look forward to seeing you there next year!
