On March 3, 2025, Senate Bill S584, sponsored by Sen. James Skoufis, was introduced to the NYS Senate during the 2025-26 NYS Legislative Session (the “Bill“). The Bill aims to amend paragraph (b) of subdivision 1 of section 420-a (“420-a“) of the New York State Real Property Tax Law (the “RPTL“), and has a
Continue Reading Legislation Introduced Aiming to Prohibit Tax Exemptions for Not-for-Profit Properties in Violation of Zoning Laws
Critical End-of-Year Veto for Legislation Impacting Industrial Development Agencies
Amidst the holidays and end-of-year scramble, New York State Governor Kathy Hochul vetoed legislation that would have required Industrial Development Agencies to have school district and labor union representatives on their governing board and/or board of directors.
Industrial Development Agencies, commonly known as “IDAs,” are public benefit corporations, a form of governmental entity created by the New York State Legislature. IDAs are authorized by New York State law to grant economic incentives, including tax abatements and Payment-In-Lieu-of-Tax (“PILOT”) Agreements, to businesses to encourage local economic development and growth, and meaningful job creation.
IDA boards are comprised of private citizens appointed by local government, with board members generally having significant experience in private sector business, economic development, finance and government.Continue Reading Critical End-of-Year Veto for Legislation Impacting Industrial Development Agencies
A (title) Change Is Gonna Come
The Upcoming 7th Revision to the Title Insurance Rate Service Association (TIRSA) Rate Manual is effective on October 1, 2024
What is TIRSA?
The Title Insurance Rate Service Association (TIRSA) is an organization licensed by the New York State Department of Financial Services that provides guidelines for the pricing and availability of title insurance premiums and products in New York State. Since 1993, TIRSA has published, and revised, its TIRSA Rate Manual, which sets forth rules, definitions, risk classifications, premiums and rates for title insurance policies, endorsements and other forms used by members of TIRSA. Notably, any deviations from the TIRSA Rate Manual must be approved by the Superintendent of the New York State Department of Financial Services. The 7th revision to the TIRSA Rate Manual goes into effect on October 1, 2024.Continue Reading A (title) Change Is Gonna Come
Goodbye to Airbnb in NYC?
The initial phase of New York City Local Law 18, also known as the Short-Term Rental Registration Law, went into effect in New York City on Tuesday, September 5th, 2023. Enforcement of Local Law 18 is expected to significantly reduce the number of illegal, short-term rental listings – i.e. listings for less than thirty (30) consecutive days – available in New York City, especially on major online booking platforms such as Airbnb and VRBO.
Under the New York City Multiple Dwelling Law, it is illegal to rent out your apartment and/or home for less than 30 consecutive days, except in very limited circumstances. For a short-term rental to be legal under the Multiple Dwelling Law, (i) no more than two (2) paying guests may be hosted at a single time, (ii) the host must maintain primary occupancy and reside in the dwelling unit during the stay, and (iii) the paying guests must have access to all parts of the listing, what is referred to as a “common household.” Continue Reading Goodbye to Airbnb in NYC?