Every week brings new moves in New York real estate, and a lot of it hits home right here in Queens. Here’s what’s happening right now…
1. The rent freeze is now in effect (Oct. 1)
Rent Guidelines Board Order 58 means zero percent increases on both one- and two-year renewals for rent-stabilized apartments from October 1, 2026 through September 30, 2027, the first two-year freeze in the board’s history. It covers roughly a million units citywide, and plenty of them are in Queens. Read More
2. Queens gets five fast-track affordable housing districts (Oct. 1)
Five Queens districts are among the 12 low-production neighborhoods named for accelerated rezoning review, 90-day reviews starting January 1, 2027. The City Planning Commission makes the final call, replacing the council vote.
What it means for you: This is the biggest rezoning-adjacent story in Queens in years. It could bring real development activity to neighborhoods that haven’t seen much of it, worth watching if you own nearby or are thinking of buying in one of these areas. Read More
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3. J-51 is back, bigger this time
The J-51 tax break for co-op and condo buildings has been revived for 10 years, and the benefit cap has been raised to 100% of reasonable project costs (up from 70%). Queens co-ops doing major renovations can now get real money back on qualifying work.
What it means for you: If you own a co-op or condo in Queens, this is money your building could be leaving on the table. Talk to your board about whether J-51 applies to upcoming capital projects. Read More
4. The 30-year mortgage is at 7.28%
Freddie Mac’s weekly survey has the 30-year fixed at 7.28%, up from 7.03% the week before and 6.34% a year ago. The 15-year is at 6.60%.
What it means for you: Rates moved against buyers fast this week. If you’ve been thinking about buying in Queens, get pre-approved and know your numbers, waiting can cost you real money when rates jump a quarter point in seven days. Read More
5. The September jobs report was weak
The economy added just 29,000 jobs in September, far below the 90,000 expected, and unemployment ticked up to 4.2%. Markets now see almost no chance of a Fed rate hike this month, though most still expect one in December.
What it means for you: No rate relief from the Fed this month, but the weak jobs data is exactly the kind of thing that can push mortgage rates down eventually. It’s a mixed picture, stay close to your lender. Read More
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6. Pied-à-terre exemption deadline is tomorrow (Oct. 6)
A court threw out the city’s bulk exemption notices for the pied-à-terre surcharge, but the city is appealing and the application deadline still stands at October 6, 2026.
What it means for you: This mostly affects owners of second homes worth $5 million and up. If that’s you, or someone you know, don’t sleep on the deadline. Read More
7. LL97 enforcement is starting
The first compliance year under the city’s building emissions law is over, and the Department of Buildings has sent 476 deficiency notices to buildings covered under Article 321. Ten-thousand-dollar violations are now being issued to those still not filed.
What it means for you: If you own in or manage a Queens building covered by this law, compliance season is here. Fines are real now, about $270,000 has been paid so far. Read More
8. Heat season: the city will inspect every complaint
The city is pledging to inspect every single heat complaint down to the individual apartment this winter — no more sampling. HPD now has 320 inspectors, up 11% over five years.
What it means for you: For small landlords, heating-system scrutiny is rising right as fuel costs stay high. The revived J-51 (see #3) can help pay for energy upgrades, this is the year to get your boiler and insulation in order. Read More
That’s the week. If you have questions about buying, selling, or owning in Queens, or you just want to talk through what any of this means for your situation, give the Queens Home Team a call at 718-968-5538. We specialize in 1-3 family homes, co-ops, and condos, and we work with regular people every day. Read More
George Herrera, Queens Home Team at Keller Williams Realty
