Real Estate Board of New York Responds to Agreement on Federal Stimulus Package

In response to news of a bipartisan agreement in Congress on a new federal stimulus package, REBNY President James Whelan released the following statement:

“With this agreement, Congress has taken a step toward delivering federal rental assistance, enhancing unemployment benefits and the Paycheck Protection Program, providing mass transit funds, and bolstering vaccine distribution and COVID-19 testing efforts, among other crucial actions. We applaud Senator Schumer and New York’s Congressional delegation for their leadership and advocacy for New Yorkers. Congress must now act quickly to approve this new package and ensure swift distribution of its much-needed funding.

“But this measure alone does not provide enough federal support to comprehensively address New York’s growing economic crisis. State and local aid is needed to account for the ongoing loss of billions in City and State tax revenue that fuels basic government services. More rental assistance is needed to protect residential and commercial tenants and property owners who will still struggle to pay their rent or mortgage over the months to come. More infrastructure and transit funding is needed to help kickstart our economy and create more good jobs for New Yorkers.

“We must make the most of this new federal package, but the conversation can’t end here. Elected officials and stakeholders across the spectrum must keep advocating for more of the federal aid needed to ensure a strong and equitable recovery for all New Yorkers – and this must continue to be top priority for the incoming Biden Administration and the new Congress.”

# # #

ABOUT THE REAL ESTATE BOARD OF NEW YORK

The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.REBNY.com.

MEDIA CONTACT:

Sam Spokony

sspokony@rebny.com

845-536-4767