Tuesday will be a busy day.
For one, the governor will give her third State of the State address. Gov. Kathy Hochul has already revealed parts of her agenda, none of which involved housing. Still, she has said housing remains a priority, and the leaders of the Senate and Assembly said last week that they are intent on reaching a deal that spurs development and protects tenants.
It is fitting that amid big questions about how to make multifamily development pencil out, the state’s highest court will hear arguments about New York’s property tax system. Immediately after the State of the State, the Court of Appeals will hold a hearing on Tax Equity Now New York’s lawsuit against the city and state alleging that property taxes in the city are inequitable.
A decision in TENNY’s favor could take the form of a decision that a state appeals court was wrong to dismiss the case, and kick it back to the state Supreme Court. A bigger win would be if the court ruled that the property tax system violates state and federal law.
State and city officials agree that something must be done about the property tax system, but say the legislature, not the courts, should do it. Still, the political will has not proven strong enough for lawmakers to enact any meaningful changes.
Tuesday is also the deadline for the city to implement an expansion of the city’s housing voucher program. The City Council approved the expansion, then overrode the mayor’s veto. But the Adams administration does not plan to implement the expansion, as first reported by City Limits, citing “substantial financial, operational and legal issues.” The fight is expected to end up in court.
What we’re thinking about: National Association of Realtors president Tracy Kasper announced that she was stepping down, after receiving “a threat to disclose a past personal, non-financial matter unless she compromised her position.” I’m obviously curious about the particulars, but also, coupled with all the other troubles NAR is facing, what will this mean for the future of the organization? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Former Gov. David Paterson was scheduled to play music Monday night at the War Room Tavern in Albany ahead of Tuesday’s State of the State speech. Per Instagram, he was to perform from 9 p.m. through midnight.
Elsewhere in New York…
— Police on Monday arrested hundreds of people who shut down the Brooklyn Bridge, Manhattan Bridge, Williamsburg Bridge and Holland Tunnel for a pro-Palestine protest, Gothamist reports. Demonstrators took over the bridges and tunnel for more than an hour during the morning commute.
— Mayor Eric Adams’ 2009 book “Don’t Let it Happen” describes an in-school incident from his childhood in which he accidentally fired a real gun, thinking it was a toy. The mayor says his unidentified co-author may have misunderstood the incident, which Adams says never happened, the New York Daily News reports. It is unclear if the incident did not happen at all or simply did not happen as written. The mayor also said the book never should have been published and was not proofread. Per Hell Gate, the book’s introduction says, “All of the incidents in this book are true.” Whoops.
— ICYMI, the City Council has a new majority leader. Last week, Speaker Adrienne Adams tapped Bronx Council member Amanda Farías to replace Keith Powers, who represents Manhattan. Powers was notified about the change just one hour before it was made public, Politico New York reports. A spokesperson for the Council said the change was “a step towards preparing the institution for its next generation of leadership and expanding representation,” as Powers only has two more years in office, while Farías can serve through 2029.
Closing Time
Residential: The priciest residential closing Monday was $19 million for a condo at 240 West Broadway.
Commercial: The most expensive commercial closing of the day was $20 million for a six-story building at 74 Broad Street in the Financial District.
New to the Market: The priciest residence to hit the market Monday was a condo at 215 Chrystie Street on the Lower East Side asking $25 million. Compass has the listing.
Breaking Ground: The largest new building filing of the day was for a 7,400 square-foot, four-story, seven-family building at 386 Kosciuszko Street, Brooklyn.Infocus Design and Planning filed the permit application. — Jay Young