Latest news with #CityofYesforHousingOpportunity
Yahoo
03-04-2025
- Business
- Yahoo
Powerful 32BJ union to endorse Keith Powers for Manhattan borough president
One of the city's most influential unions, 32BJ, will endorse Keith Powers for Manhattan borough president. 'Housing is a critical issue for members of 32BJ SEIU and all New Yorkers,' 32BJ SEIU President Manny Pastreich said in a statement. 'Throughout his time on the City Council, Council Member Keith Powers has been a consistent champion for building more affordable housing in New York.' Pastreich said Powers' support of the Adams administration's City of Yes for Housing Opportunity citywide zoning plan and advocating for union jobs were reasons to put the union's weight behind the current Council member. The union represents thousands of service industry workers. 'I'm grateful to have the support of 32BJ SEIU, a union dedicated to defending and advancing the rights of working New Yorkers,' Powers said. 'I'm proud to stand alongside organized labor in this campaign and make the needs of working-class New Yorkers a centerpiece of my platform. As borough president, I'll continue to work with unions like 32BJ for more equitable wages and better workplace protections.' Powers is running against State Sen. Brad Hoylman-Sigal in the Democratic primary election for Manhattan borough president. Current Borough President Mark Levine is running to be the city's comptroller.
Yahoo
10-02-2025
- Business
- Yahoo
Real Estate Experts Say the Market Will Change Dramatically This Year
"Hearst Magazines and Yahoo may earn commission or revenue on some items through these links." It seems that 2025 has already a lot. And if you're thinking about buying property this year, the plot only thickens: Many states are enacting new real estate laws that will likely play a major role in how dwellers approach buying, selling, and even renting. While the news of changes isn't exactly shocking, as President Donald Trump planned to eliminate "unnecessary" regulations shortly after winning the 2024 election, you'll want to know how they affect you. "A new administration always has an impact on the confidence or lack thereof that people have in the real estate market and their timing of when you buy or sell," says McKenzie Ryan, real estate agent and founder of her eponymous team at Douglas Elliman. "Right now, there is naturally an air of uncertainty as we wait to understand what Trump's priorities are that may impact real estate before making any big moves." However, Ryan says that the current state of the real estate market didn't just start with the new year or the new administration. "It has been a long journey of uncertainty since 2020," she reasoned. So what changes can we expect for the rest of 2025? Read on to learn more about the real estate trends that we're already seeing surging across the country. With both housing shortages and the homeless crisis being incredibly prevalent problems across the country, simply seeing more affordable properties on the market will be a welcomed change for many. In California, there have been sweeping changes to Senate Bill 9, a law that enables affordable housing by permitting duplexes and lot splits on single-family residential lots. While the bill could once be restricted by vague terms and standards, an amendment clarifies that Senate Bill 9 projects can only be denied if they pose a public health or safety threat to tenants. Meanwhile, on the East Coast, amendments made to the City of Yes for Housing Opportunity initiative in New York City will make it easier to turn commercial buildings into residential spaces. Homeowners should also expect to see the rise of accessory dwelling units, or ADUs. Not only have states like Arizona and Nebraska established new regulations that allow ADUs on residential lots, but lawmakers in Texas are also trying to overturn ordinances that have limited or prohibited the use of ADUs. Between the rise of multifamily properties and ADUs, it may become easier to find more affordable options. Of course, buyers aren't the only ones who can benefit from the new real estate rules. According to Ryan, regulations like the Fair Chance Housing Act in New York City will make 2025 a solid year to rent, too. "With this new act, landlords are limited in their ability to consider an applicant's criminal history, and they are only allowed to conduct a criminal background check after an offer of housing has been made," she explains. Not only can this new ordinance make it possible for landlords to cultivate a dynamic, diverse neighborhood, but it may also affect real estate investors who rent out their properties. "They will need to comply with these new regulations which may impact their decision to rent or influence how they manage rental properties overall," Ryan adds Another win for renters? Thanks to the FARE Act in New York City, landlords will not be able to pass brokerage fees onto potential tenants. Though mansion taxes have already rocked Los Angeles, this pricey phenomenon seems to be making its way across the United States. Reports claim that as of early January 2025, many other states like New York, New Jersey, Maryland, Connecticut, Hawaii, Illinois's Evanston enclave, and the District of Columbia will also have mansion taxes. Need a refresher on mansion taxes? In Los Angeles, an additional four percent tax will be imposed on properties that are purchased for $5 million or more. While the exact percentage will certainly vary from state to state—or city to city—one thing's for sure: Those fancier digs will come at a price. Ryan shares that there's currently a lot of industry buzz regarding whether the new administration will keep interest rates low. "It could continue to stimulate the housing market by making mortgages more affordable," she said. "Regardless of where interest rates are—whether they're upgrading or downgrading—it is more normalized for people to move whenever, even if they have to pay more per month." Follow on Instagram and TikTok. You Might Also Like 15 Home Bar Gifts Every Cocktail Enthusiast Will Appreciate 32 Low Light Indoor Plants That Can Survive in the Darkest Corners of Your Home These Are the 50 Best Paint Colors for Your Living Room
