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All in all, the $212 billion budget is a mixed bag for the industry. (Getty/Illustration by Kevin Rebong for The Real Deal)
As the dust clears on New York’s $212 billion budget, the real estate industry finds a changed landscape.
The agreement includes more than $2 billion in federal and state rent relief, but also tax hikes exceeding $4.3 billion. And several provisions that the real estate industry had supported were dropped.
Here’s where things landed on key issues:
Rent relief
The budget includes $2.3 billion in federal rent relief and another $100 million in state funds. It bars certain evictions and rent increases for one year if landlords accept aid for that tenant. The program is not mandatory, but there is some confusion over when landlords can take a tenant to court.