Day: November 14, 2024

New York Governor Kathy Hochul to Reinstate MTA Congestion Pricing Program

By Manhattan Real Estate Tracker, November 14, 2024

Governor Kathy Hochul intends to reinstate the MTA’s congestion pricing program with a $9 base toll for passenger automobiles, which is $6 less than the price originally authorized by the MTA. Governor Hochul paused the implementation of the program during the recent election, but it was expected to be brought back after the election. 

The program, which will charge drivers a fee for entering Manhattan south of 60th Street, was initially approved in 2019. Prior to June 30, the MTA had intended to impose a $15 base toll. The program’s proceeds must be used to pay for $15 billion in necessary transportation system maintenance for the MTA. Transit advocates argue that if the tolls are implemented before President-elect Donald Trump enters office, it will be more difficult for him to repeal them.

Over the past 20 years more and more streets in Midtown and Downtown Manhattan have been turned into pedestrian malls, bike lanes and parking lanes that are now almost in the middle of the roadway. These projects began with Mayor Bloomberg approximately 20 years ago. The sidewalk restaurant sheds also take away space on the streets. As a result, the congestion has been increased by these “green” projects.

According to the New York City Department of Health and Mental Hygiene (Health Department), the air quality in the city has improved dramatically during the 2008-2022 period. This survey concluded the following:

Citywide, annual average levels of four key pollutants have gone down between the first year of monitoring, 2009, and the most recent year of data, 2022.

Fine particles (PM2.5): -46%

Nitrogen Dioxide (NO2): -41%

Nitric Oxide (NO): -58%

Sulfur Dioxide (SO2): -97%

The data shows that air quality has improved significantly after local regulations required building owners to convert to cleaner heating oils by 2015. These heating oils were a major source of SO₂ in New York City. In 2022, only eight of our 90 sites detected any SO₂, and the levels at those sites were similar to SO₂ levels measured on Whiteface Mountain in the Adirondack Mountains, demonstrating the success of the clean heating oil requirements.

The Fairness in Apartment Rentals (FARE) Act Passes in New York City’s Council 42-8

By Manhattan Real Estate Tracker, November 14, 2024

A bill was enacted yesterday in New York that eliminates broker fees for residential apartment renters. The New York City Council enacted the Fairness in Apartment Rentals (FARE) Act, which was introduced by Brooklyn City Councillor Chi Ossé. It takes effect 180 days from now. Typically, on a “no fee” apartment, the tenant pays the broker commission that normally ranges from one month’s rent to 15% of the first year’s annual rent. This bill would now require whoever hires the broker to pay the broker. Now as a result of this act, if the landlord/owner wants his broker to market an apartment as “no fee”, the landlord/owner will pay the broker an agreed upon commission. If a tenant retains a broker to find an apartment, then the tenant would pay the broker he retained an agreed upon commission.

According to REBY, “For five years, REBNY has been fighting against harmful legislation that threatens brokers’ livelihoods. The newest version of the FARE Act, like its predecessor, is bad legislation that would harm tenants and kill jobs. The revised FARE Act (Intro. 360-A) will hurt New Yorkers by and could limit their ability to learn about rental opportunities. The FARE Act could also lead to increased rents.  The FARE Act will certainly limiting housing access, raising rents, and jeopardizing the livelihoods of hardworking real estate agents.” 

Mayor Adams, a former real estate agent did not support the bill since he agreed with REBNY that the landlords/owners will simply add the broker commission they had to pay to the rent each month so that the tenant will be paying more for the apartment in the long run.

Brooklyn City Councillor Chi Ossé at City Hall on November 13, 2024