Michael Haltman, Hallmark Abstract Service’s Post

🚨 New York’s Housing Crisis: A Post-421-a Landscape 🚨 More than two years after the expiration of the 421-a tax incentive, developers and lawmakers are navigating new territory with the introduction of 485-x, passed in late April. The backdrop? A severe housing crisis in NYC, where rents have soared to all-time highs, vacancy rates have plummeted, and the housing pipeline is nearly dry. 🏙️🏢 While 485-x aims to address affordable housing needs by requiring permanently affordable units and setting lower rent caps, developers argue that it misses the mark. They say that the higher wage mandates and restrictions will limit the incentive to build large-scale projects, the very thing needed to tackle NYC’s housing shortage. 🏗️ As the city grapples with these challenges, the question remains: Will 485-x be enough to unlock new development, or will it further complicate the path to resolving the housing crisis? 🤔 ________________________________________________________ Are you buying commercial or residential property in New York? The title insurance company you choose to use actually matters a great deal! And remember that it’s your RIGHT to choose the title insurance provider you want to work with. Read ’Top Reasons New York Homebuyers Can And Should Choose Their Title Insurance Provider!’ here https://lnkd.in/eHTrDQsd. Questions? Contact us at info@hallmarkabstractllc.com or (516) 741-4723. Hallmark Abstract Service…You Buy Real Estate, We Protect It! #NYCHousingCrisis #AffordableHousing #RealEstateDevelopment #485x #HousingPolicy #ConstructionIndustry #NYCRealEstate #421a #Multifamily #CRE #commercialrealestate #NYCgovernment #titleinsurance #MultifamilyInvesting #Legal #Law #Construction #NYCConstruction #BuyerProtection

Shortage of NYC Housing…What Role Do The Punitive Laws And Restrictions Imposed By NYS And NYC On Landlord's Play? 'New York City is facing a severe housing crisis, with a record-low rental vacancy rate of 1.4% and soaring rental prices. Despite a significant budget allocation of $26 billion for public and affordable housing, the city's apartment shortage is expected to worsen. Developers filed only 36 permits for multifamily buildings in May, marking a decade low. The situation is particularly challenging for economically vulnerable New Yorkers, with 43% of public housing households behind on rent. The crisis is attributed to various factors, including rising construction costs, limited housing supply, and the impact of the COVID-19 pandemic.’ (Source: X) A missing factor? Government intervention! When you combine laws like Good Cause Eviction with the Housing Security & Tenant Protection Act of 2019 that place multiple financial prohibitions on owners, and the sunsetting of the 421-a tax abatement (485-x replaced it), the rewards of developing multifamily properties are mitigated by the risks. Thoughts or opinions? Please leave them in the comments below. _____________________________________________ If You Are Buying A Home Or Commercial Property In New York State, You MUST Protect It… That's Where Title Insurance And Due Diligence Come In! Always Research The Title Insurance Provider That Will Be Used For Your Purchase! Watch ‘If You’re A Homebuyer In New York You MUST Protect Your Investment…That's Where Title Insurance And Due Diligence Comes In!' here https://lnkd.in/eME5S_3u. And, remember that it’s your RIGHT to choose the title company you would like to use! Questions? Contact us at info@hallmarkabstractllc.com or (516) 741-4723. Hallmark Abstract Service...You Buy Real Estate, We Protect It! #affordablehousing #government #NYC #multifamily #realestateinvesting #goodcauseeviction #CRE #apartmentrental #vacancyrates #nycrealestate #multifamilyinvesting

A lack of US housing has fenced off most would-be buyers, but two states are dealing with the opposite problem — an overflow of homes. Redfin has found that properties in Florida and Texas are stagnating on the market, as demand is shifting away from these areas. Both states have been building more homes than any other part of the US, in a race to make room for pandemic-era newcomers. "Two years ago, the North Port metro was one of the most competitive housing markets in the country because it was affordable for remote workers, and there was a shortage of homes for sale, but none of those things are true today," Eric Auciello, a local Redfin sales manager, said in the report. Adding to Florida's headwinds is a rising insurance crisis, with close to three-quarters of homeowners in a Redfin survey noting rising insurance costs or changing coverage. This has become a growing concern for the national housing market, as worsening climate risks amplify costs to insurance providers. Follow the link below to read more about the ongoing housing market challenges faced by the US states. https://lnkd.in/gV5Wk2ru (Credit: Getty Images) #housing #finance #insurance #unitedstates #florida #texas

Thanks to increased home and labor prices, severe weather patterns, and skyrocketing insurance costs – developers are struggling to complete attainable housing projects. 🏠📉    The New York Times explains how this could impact the housing market for years to come – and why developers are in desperate need of a solution that can successfully restructure their dwindling budgets: https://lnkd.in/eTrw7tHh 

And the cost-of-living factor always permeates ……

RedFin's article entitled, "Home Prices Stagnate in Florida and Texas as Supply Soars" seems misleading, as it fails to acknowledge different areas within a state could be vastly different. Interestingly, one of the cities cited is McAllen, TX, a border town not likely representative of the rest of the state. The Dallas-Fort Worth (DFW) area is certainly not experiencing price stagnation and soaring housing supply. Copilot's response confirms other data I've seen about market trends for DFW: PRICES In March 2024, median sale price of a home was $450,000, up 16.9% from previous year. On average, homes in Dallas sell after 31 days on the market, similar to previous year. The median sale price per square foot in Dallas is $249, reflecting a 7.1% increase from last year. Dallas’s median sale price is 7% higher than the national average while overall cost of living is 2% higher than the national average. INVENTORY DFW real estate remains competitive and leans toward sellers. Low housing inventory combined with high demand has led to situations where homes frequently receive multiple offers and often sell above ask. SUMMARY The DFW real estate market has seen significant price appreciation, low inventory, and strong demand.🏡📈

⚠️⛔️**"The Financial Impact of Poor Governance in Residential Communities"** ⚠️⛔️ Years of mismanagement and poor planning by condo and co-op boards have led to significant issues in the maintenance and financial health of many residential communities. This problem is not limited to Florida; it's also evident in New York and other states. The tragic Surfside collapse in Florida served as a stark wake-up call for many condo board members about the critical need for proper governance and future planning. Inadequate board governance and the mishandling of funds have resulted in deferred maintenance and neglected repairs, ultimately leading to increased insurance premiums and a higher financial burden on residents. This is an unfortunate consequence of boards not prioritizing long-term upkeep and essential maintenance. To prevent such crises, there must be proper oversight and accountability within these boards. Before agreeing to another increase in assessments or premiums, it's crucial for residents to demand transparency and detailed financial disclosures. Effective governance can ensure that funds are appropriately allocated and that the property is maintained to avoid costly repairs and insurance hikes in the future. It's time for condo and co-op boards to take their roles seriously, plan proactively, and maintain open communication with their residents. Only through diligent oversight and responsible financial management can we avoid the pitfalls that have plagued so many communities. Let's learn from past mistakes and work towards a more secure and well-maintained living environment for all. #condoboard #coopboard #insurance #propertymanagement

Shortage of NYC Housing…What Role Do The Punitive Laws And Restrictions Imposed By NYS And NYC On Landlord's Play? 'New York City is facing a severe housing crisis, with a record-low rental vacancy rate of 1.4% and soaring rental prices. Despite a significant budget allocation of $26 billion for public and affordable housing, the city's apartment shortage is expected to worsen. Developers filed only 36 permits for multifamily buildings in May, marking a decade low. The situation is particularly challenging for economically vulnerable New Yorkers, with 43% of public housing households behind on rent. The crisis is attributed to various factors, including rising construction costs, limited housing supply, and the impact of the COVID-19 pandemic.’ (Source: X) A missing factor? Government intervention! When you combine laws like Good Cause Eviction with the Housing Security & Tenant Protection Act of 2019 that place multiple financial prohibitions on owners, the rewards of developing multifamily properties are mitigated by the risks. Thoughts or opinions? Please leave them in the comments below. _____________________________________________ If You Are Buying A Home Or Commercial Property In New York State, You MUST Protect It… That's Where Title Insurance And Due Diligence Come In! Always Research The Title Insurance Provider That Will Be Used For Your Purchase! Watch ‘If You’re A Homebuyer In New York You MUST Protect Your Investment…That's Where Title Insurance And Due Diligence Comes In!' here https://lnkd.in/erpWA9hw. And, remember that it’s your RIGHT to choose the title company you would like to use! Questions? Contact us at info@hallmarkabstractllc.com or (516) 741-4723. Hallmark Abstract Service...You Buy Real Estate, We Protect It! #housing #governmentintervention #NewYorkCity #construction #realestatedevelopment #titleinsurance #commercialrealestate #apartments #finance #law #legal #finance #mortgage #CMBS

Another great article describing the challenges affordable housing owners are facing due to the rising cost of insurance. Rising insurance costs is having a direct impact on housing affordability - plain and simple. It was also great that POLITICO highlighted that industry stakeholders aren't just focused on the effects but have identified some real solutions. Many of the organization's we are members of and partners with including National Association of Home Builders, National Multifamily Housing Council, National Leased Housing Assn, Affordable Housing Tax Credit Coalition National Housing & Rehabilitation Association, Local Initiatives Support Corporation (LISC), Enterprise Community Partners and Fairview Housing Partners have been working together for more than a year to identify consensus solutions that Congress and Administration can implement or enact today. Where there is a will there should be a way. https://lnkd.in/eycCKY5Z

Why New Yorkers Are Leaving: The Great Migration Away | Trends & Insights Key statistics - New York experienced a net outmigration of 244,137 people in 2022. - The cheapest median rent ranges from $924 in Olean to $1,379 in Buffalo. - New York City has the highest home value ($668,361) and median rent ($3,472). - Three out of 10 New York homes (29.8%) are valued between $500,000 and $999,999. - Nearly 1.3 million New York households can’t afford the state’s typical living costs. (USA TODAY) On the other hand, if you are moving to New York, or you are here and have no intention of moving away, remember this important fact...If you are buying a home or commercial property... It’s your RIGHT to choose the title insurance provider you would like to work with! And, did you know that title insurance companies are NOT all the same, including the cost? Read ’10 Significant Ways That Hallmark Abstract Service Differentiates Itself From Many New York Title Insurance Providers!’ here https://lnkd.in/eUEYx5w7. Questions? Contact us at info@hallmarkabstractllc.com or (516) 741-4723. Hallmark Abstract Service…You Buy Real Estate, We Protect It! #realestate #NewYork #NYC #LongIsland #migration #newbeginnings #homeprices #taxes #costofliving #homebuyers #CRE #titleinsurance Marisa Friedrich, Esq. Warren Goldberg