REBNY will continue to push its agenda for growth.To ensure that New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of keeps creating jobs and housing for its citizens, the Real Estate Board will pursue extensions and improvements in several economic development and residential financing programs during the upcoming state legislative session. The Relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. Employment Assistance Program (REAP) should be enhanced to encourage tenants on the move from within the Central Business District or out of town to take space elsewhere in the five boroughs. Our first recommendation is that the program be extended to 2008 to assure companies that REAP benefits will be in place for the next several years. Corporate planners looking toward the long term would need such a guarantee to keep New York on their list of possible new operating sites. In a tight market with little available space and -- consequently -- high rents, we believe REAP benefits should be available to expanding tenants as well as those moving from one place to another. If we can spare some of those companies from having to search for new space and incur moving expenses in order to hold them in town, the benefit will be well worth it for New York. Other program improvements we support include providing relocation benefits to nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. , which are among New York's biggest employers, and eliminating the requirement that a company be in business for a least two years to qualify for REAP incentives. On the latter point, some of our fastest growing companies are in that category. Investors and tenants must be certain that benefits will be available in the future if incentive programs' are to succeed. That's why REBNY REBNY Real Estate Board of New York is also calling for extensions of at least three years for the Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North Plan's commercial revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. and energy features. The plan made downtown attractive again to real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and tenants. The district's success since 1995 is indisputable proof that economic development benefits work. In a shifting economy, these benefits should be preserved as invaluable tools for protecting the district's prosperity. With fuel costs rising and environmental technology advancing, REBNY will make the case that the "Green Building" tax credits for energy conservation and indoor air purification purification, in religion, the ceremonial removal of what the religion deems unclean. The usual agents of purification are water (as in baptism), bodily alteration (as in circumcision), and fire. be given as well to real estate investment trusts, cooperative corporations and condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. associations. The "Green Building" tax credit's objectives should be promoted as widely as possible. Other tax issues on our agenda include a five-year phase-in on assessment increases stemming new commercial development. The phase-in would help to keep rents competitive in the early period of a tenant's lease. We're also striving to get a tax credit for the expenses of maintaining a landmark property. An adequate inventory of affordable housing is essential for New York's continued economic growth. To accommodate our citizens with decent shelter and to sustain our rate of job production, REBNY has proposed the following increases in state housing programs: * Funding for the Affordable Housing Corporation's statewide Affordable Home Ownership Development Program should be raised to $50 million from $28.5 million. * The allocation for the Homes for Working Families Program should be raised to $25 million from $7 million. * The Low Income Tax Credit should be raised to $10 million from $2 million. On a broad range of broker-related issues, REBNY is especially committed to a bill whose adoption would simplify the Agency Disclosure Form from its current three pages of technical text to one page of plain English Plain English (sometimes known, more broadly, as plain language) is a communication style that focuses on considering the audience's needs when writing. It recommends avoiding unnecessary words and avoiding jargon, technical terms, and long and ambiguous sentences. . In the interest of New York's economy and housing market, the Real Estate Board will pursue the passage of these legislative recommendations. |
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