REBNY's president not very optimistic that Albany can boost housing development in the city next year: At a Crain's Power Breakfast on Dec. 5, James Whelan voiced frustration that the state Legislature has not offered the real estate industry much...

James Whelan, president of the Real Estate Board of New York, expressed frustration with the state Legislature's lack of support for housing development in New York City. He highlighted the absence of a replacement program for the 421-a tax abatement, which has historically accounted for 70% of rental housing production in the city. Whelan also criticized the Legislature's push for "good cause" eviction legislation, warning that it could worsen conditions for renters and landlords and potentially increase homelessness. Despite Mayor Eric Adams' call for the development of 50,000 units annually, new construction has been slow, with only 6,542 new units filed from January to August. Whelan emphasized the importance of the state Legislature's actions in addressing the housing crisis. [Extracted from the article]