Albany – Jan. 16, 2016 – (RealEstateRama) — The following is a statement by New York State Association of REALTORS CEO Duncan R. MacKenzie:
“The New York State Association of REALTORS (NYSAR) and its 52,000 REALTORS encourage Gov. Andrew M. Cuomo to consider a more broad-based, robust approach to assisting all our state’s residents in overcoming the barriers to homeownership. We need to invest in as many bright young minds as we can if we are to fully reinvigorate our state’s economy.
A broad first-time homebuyer incentive is, in fact, an investment that will pay dividends. Whether they live upstate or downstate, our residents struggle to save for their first down payment and our nation-leading closing costs. We applaud the governor for sharing our concerns about these challenges, but believe we will miss an opportunity if only recent, upstate college graduates are the program recipients. Helping enable all our young people to establish roots in our communities makes our entire state stronger.
The NY First Home proposal, soon to be reintroduced in the Senate and Assembly, would provide a vehicle for New Yorkers to save for the down payment and closing costs of their first-home purchase by providing a tax deduction of up to $5,000 per year ($10,000 for couples). Providing this tax break would encourage savings for a first home purchase, while making the American Dream of homeownership more easily attainable for those working every day towards this goal. The Senate passed this proposal unanimously in 2016.
An independent economic analysis of the NY First Home proposal found that the first-year cost of the program for all New Yorkers would be $1.8 million. This investment would generate $31.5 million in revenue for the state and counties from real estate transaction, sales and income taxes. It’s a win for the people of New York and the state’s economy.
We encourage Gov. Cuomo and the Legislature to reduce the barriers to homeownership for New Yorkers from all walks of life by including NY First Home in the 2017-2018 state budget agreement.
Editor’s Note: More information about the NY First Home proposal can be found at www.nyfirsthome.com.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 52,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
For additional information, contact:
Salvatore I. Prividera Jr.
Director of Communications
New York State Association of REALTORS®, Inc.
Office: 518.463.0300 ext. 208
sprividera (at) nysar (dot) com