Statement by Real Estate Board of New York President Steven Spinola on the Terrorism Risk Insurance Act

“Despite a great effort to extend The Terrorism Risk Insurance Act (TRIA), issues completely separate from the goal of providing a national backup insurance program for acts of terrorism failed to pass Congress last night.  This is extremely disappointing, but the bipartisan effort to extend this critical program will continue.  We will  work with both Houses of the new Congress and both sides of the aisle to move a bill within the next few weeks, because the economy of our country, good paying jobs and enormous tax revenues for the nation and local municipalities depend on this law, a  program that has not cost the taxpayers a single dollar to date.”

 

About The Real Estate Board of New York

The Real Estate Board of New York is the City’s leading real estate trade association with more than 16,000 members.  REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate.  REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation.  In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.

 

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