STATEMENT FROM JAMES WHELAN, PRESIDENT OF THE REAL ESTATE BOARD OF NEW YORK (REBNY)

 

RE: FY 2027 New York State Budget

“This year’s State budget contains several beneficial policy reforms. Changes to SEQRA, the extension of J-51, and updates to the Climate Act, are important steps toward boosting housing production, preserving existing housing stock, and addressing affordability.

“It is a different story on the economic and fiscal fronts.  The tax on second homes will dampen market activity, reduce property values, hurt new development, and weaken the City’s economy. It is a relief that State leaders rejected the numerous other tax increases that have been suggested during this process. 

“State spending increased nearly six percent this year, and now stands over $268 billion – with tougher fiscal decisions awaiting State leaders down the road.  New York cannot continue down its path of rising spending and higher taxes if it wants to remain an attractive place to live, work, invest, and build a business.”