Below is our latest roundup of news, articles, and content related to NYC homeowners. First is an article from Yahoo Finance which talks about the housing market and what may be next for it. Second is a write-up about the Plus One ADU Program which provides grants to homeowners across New York State who add an additional housing unit to their property. And third is an article which breaks down the recently passed Local Law 18 AKA the Short Term Rental Registration Law. The law recently went into effect so if you or someone you know is renting their place on Airbnb (or similar websites), you definitely want to read it.
Take a look when you have a chance and feel free to Contact Us if you have any questions 🙂
What’s Next for the Housing Market, as told by Fannie Mae’s Latest Forecast
Fannie Mae recently released a revised housing forecast which projects that national home prices will decrease by 1.2% in 2023 followed by an additional 2.2% in 2024. Back in February Fannie Mae predicted that national home prices would fall 4.2% in 2023 and 2.3% in 2024. The reason why they revised their forecast is pretty much due to the ongoing shortage of supply. The low inventory levels is something that we’ve been seeing in Queens, but mainly for residential homes, not so much coops and condos. In any case, it’s definitely worth a read.
https://finance.yahoo.com/news/next-housing-market-told-fannie-141856326.html
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New York is Paying Homeowners up to $125K to Build an ADU in their Backyard
New York is doling out millions to help homeowners build tiny homes, named accessory dwelling units, or ADUs, in their backyards. As of August 15, the Empire State has spent $23.4 million doing so, according to New York State Homes and Community Renewal, which is in charge of the funds. This article from Insider sheds more insight on the program, its goals, and the restrictions that homeowners need to meet in order to qualify. Even if you don’t plan to participate, it’s pretty interesting to learn about this new program. Take a look and let me know if you know anyone who is actually participating in the program.
https://www.businessinsider.com/new-york-to-fund-adu-tiny-homes-housing-shortage-2023-8
NYC Airbnbs: NYC now enforcing Airbnb and Short-Term Rental Restrictions
Starting earlier this month, the city started enforcing a new law restricting short-term and vacation rentals, like those listed on sites like Airbnb and VRBO. Properties from hosts on those sites and similar ones will now have to register with the mayor’s office. But that’s not where the rules end. According to the new law, no more than two paying guests are allowed to stay at a time. Also, hosts must be physically present during the guests’ stay. That means those looking to put their entire apartment or home on Airbnb will no longer be able to simply list it, they can only list having bedrooms available in the home they are living in. This new law is a pretty big deal and fines are hefty so definitely worth a read.
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Well, that’s it for this month. If you have any questions or need any real estate help, please don’t hesitate to Contact Us 🙂