Real Estate Board of New York (REBNY) President James Whelan issued the following statement on the passage of the New York State budget:
“Befitting these historically challenging times, the State budget just approved is both historic and challenging.
“While several harmful tax proposals were not passed, we are concerned about the long-term impacts of the State tax increases that were approved despite the receipt of significant federal aid that fully restored the State’s short-term fiscal health. This is particularly true given the continued limited applicability of the SALT deduction and the possibility of increased taxes at the federal level. It will be important to closely monitor and evaluate the impact of these tax increases on investment, population trends and future tax revenue. Moreover, given the record level of spending reflected in this budget, it is only fair for taxpayers to expect a measurably improved delivery of services by government and better quality of life for the State’s residents and businesses.”
“We are pleased that State officials approved a program for distributing federal rental assistance funds. These funds must be distributed as quickly and effectively as possible.”
“REBNY remains steadfast in its pursuit of policies that create good jobs, produce more housing, including below market rate units, and stimulate economic activity which are essential for a strong recovery.”