• Five-year extension of the completion deadline for projects using the 421-a tax break
• State creation of the 485-x tax break for residential development — a top industry priority that left developers dissatisfied because of its strict wage requirements and affordability rules
• Passage of the FARE Act by the City Council, shifting broker fees from tenants toward landlords despite strenuous lobbying by REBNY in opposition. (REBNY is suing to block the law from taking effect)
• Creation of 467-m, a tax incentive for office-to-residential conversions
• Legislature lifting the decades-old cap on floor-area ratio, which limited the size of apartment buildings in the city
• City Council approval of City of Yes for Housing Opportunity, a historic set of zoning changes that relaxed rules around office conversions and parking minimums in ways that will benefit REBNY’s members
• Small rollbacks to the state’s 2019 rent reforms, allowing landlords to raise rents higher to cover the costs of renovations — but by such a small amount that owners say little will change
• State approval of good cause eviction, a tenant protection that limits the grounds for eviction and caps annual rent increases.
Wins
Mixed results
Losses
REBNY's 2024 scorecard
The Real Estate Board suffered some high-profile defeats last year, but also notched some wins — and some half-measures.
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Bloomberg
Bloomberg
Bloomberg
