C M Y K Axxx,2020-01-16,ZJ,001,Bs-4C,E1 THE NEW YORK TIMES, THURSDAY, JANUARY 16, 2020 ZJ1 PAID FOR AND POSTED BY PARTICIPATING ADVERTISERS THE REAL ESTATE BOARD OF NEW YORK Photo: Shutterstock Photo: C M Y K Axxx,2020-01-16,ZJ,002,Bs-4C,E1 ZJ2 THE NEW YORK TIMES, THURSDAY, JANUARY 16, 2020 PAID FOR AND POSTED BY PARTICIPATING ADVERTISERS NEW YORK CITY’S COMMERCIAL REAL ESTATE MARKET Photo: Shutterstock Photo: As top owners, developers, brokers and major city officials gather for the Real Estate Board of New York’s (REBNY) 124th Annual Banquet at the New York Hilton, the industry is gratified by its performance in 2019 and looking forward to a strong market in 2020. “Despite a challenging political climate, the real estate indus - try is optimistic about the short-term outlook across the five Affordable Housing Crisis in New York boroughs: Important industries and our population continue to grow and the economic outlook is strong,” said James Whelan, Undoubtedly, New York City has an affordable housing crisis, driven president, Real Estate Board of New York. “We look forward to in large part by a severe shortage of available units, noted Whalen. working with policymakers in 2020 and beyond to create smart, “To solve it, we must focus on those individuals and families who data-driven policies that will create housing and promote eco - need assistance paying the rent and create new units for a range nomic growth.” of incomes to establish a robust housing market that offers enough Whelan was named president of REBNY, effective July 1, 2019, choices to renters,” he urged. “The laws passed in 2019 did little to replacing outgoing president John Banks, who retired after five address this crisis. The changes will not ease vacancy rates, create years as REBNY president and 33 years in the private and pub - a single new affordable unit, or assist individuals or families that lic sectors. In congratulating Banks for a job well done, Whalen already have difficulty paying their rent. Going into 2020, REBNY said: “John’s passion, intellect and dedication guided our indus - will continue to fight for policies that result in more affordable hous- try throughout his tenure as REBNY president. He led the way ing and additional tax revenue to pay for vital government services.” through many pivotal moments, negotiations and other import- ant milestones. John remains a trusted adviser for REBNY and for our industry.” Strong Support for ‘Gateway Project’ Whelan said that New York continues to thrive as a global city that attracts new companies and top-tier talent. It enjoys record The future of this thriving city and, indeed, the region, depends on job growth, population growth, near historic low crime rates and the development of new infrastructure projects. REBNY contin- record tourism, but the REBNY president is also concerned about ues to support the Gateway Project, which would create a second harmful policies enacted at the city and state levels that exacer- tunnel under the Hudson River and greatly improve train capacity bate the affordable housing crisis and restrict economic growth. for Amtrak’s Northeast corridor. REBNY backs this massive proj- He said that these policy changes came after the federal gov- ect, which enjoys bipartisan support, and encourages the federal ernment’s elimination of the state and local tax (SALT) deduc- government to do the same. Further, it continues to support other tion. “The elimination of SALT will continue to put a strain on our projects across New York City that will help make its transportation economy,” he warned. “It has incentivized high-income earners infrastructure safe, reliable and modern. to leave the region and will negatively impact the ability of state and local governments to finance basic government services. “A threat to the future of New York is a decline in real estate REBNY’s Focus for 2020 investment, which is particularly impactful for New York City’s tax revenue. The industry’s health is vital to the health of the city, REBNY wants to be the most effective advocate, educator and con- as real estate–related taxes make up more than half of all taxes vener possible for the real estate industry and for New York City collected. This revenue supports vital public services like first overall in 2020, according to its president. Real estate is the city’s responder salaries, public park maintenance and vital repairs to most important industry, powering the success of the five boroughs. the M.T.A.” When real estate thrives, New York City thrives. “In 2020, REBNY will continue advocating for more jobs, more housing and additional tax revenue in order to point the city we all REBNY Policy Winners in 2019 love in the right direction,” explained Whalen. “We will be unrelent- ing in our pursuit of this task and will fight harder and smarter than Turning his attention to REBNY’s biggest policy accomplishments ever for policies that will lead to an even brighter future for our city.” in 2019, Whalen said that REBNY was proud to work with state and local policymakers and an array of advocacy groups to secure passage of a congestion pricing plan that will boost funding for Terrorism Insurance Reauthorization the subway while easing traffic in Manhattan’s business district. In other accomplishments, “We worked with local elected offi - Is Critical to City cials and the New York City Department of Sanitation in sup - REBNY has long been a supporter of port of a thoughtful plan to reform the city’s commercial waste the existing legislation regarding ter - collection system,” he asserted. “Our advocacy helped with the rorism insurance and is pushing part - passage of legislation that addresses several environmental, ners in Congress to take the necessary labor and safety goals while also ensuring that all businesses action to extend the program. The first will have the ability to choose from multiple carting companies.” step in the reauthorization process Whalen also mentioned that at the city level, the industry wit - was recently approved by the House nessed how effective its members could be when more than Financial Services Committee, after 1,000 agents attended a City Hall rally and helped ensure that which the full House will vote. If it the City Council did not pass problematic legislation to curtail passes in the House, the Senate will the income of hardworking residential brokers. then vote on it as well. If both houses okay the measure, it will be sent to the president. “The current pro - Cooperation Agreement With posal would extend the program for seven years without changes, Construction Unions which REBNY fully supports,” said REBNY is proud of a historic cooperation agreement reached Whalen. “We are grateful to U.S. with the city’s construction unions. New York City’s real estate Senator Chuck Schumer for his industry fuels hundreds of thousands of good-paying jobs, efforts fighting on behalf of New including union construction jobs that provide a pathway to the York City on this issue.” middle class, according to Whalen. Organized labor is a critical partner in making sure New York continues to grow and thrive. This new agreement marks a turning point in the relationship between the private sector and organized labor. Working closely together, both parties share the goal of stimulating new develop- ment in the five boroughs and fortifying New York City’s status as a global capital. Photo: Getty Images Getty Photo: C M Y K Axxx,2020-01-16,ZJ,003,Bs-4C,E1 THE NEW YORK TIMES, THURSDAY, JANUARY 16, 2020 ZJ3 C M Y K Axxx,2020-01-16,ZJ,004,Bs-4C,E1 ZJ4 THE NEW YORK TIMES, THURSDAY, JANUARY 16, 2020 PAID FOR AND POSTED BY PARTICIPATING ADVERTISERS HONOREES AT REBNY BANQUET Each year, REBNY gathers for its Annual Banquet to network with friends old and new Images Getty Photo: and to honor distinguished individuals for their outstanding professional success, their exceptional contributions to the industry and their unparalleled commitment to the civic welfare of New York City. “The REBNY Banquet is one of my favorite evenings of the year,” 32BJ and for the City of New York. He was a respected and val- said REBNY president Whalen, “with thousands of dedicated ued partner of the real estate industry. He devoted his life to the real estate professionals gathering to catch up with old friends labor movement and was a tireless champion of immigrant and and forging relationships with new ones. Each year, our hon - workers’ rights. Kriegel’s work on the New York’s bid for the 2012 orees’ exceptional contributions to all five boroughs serve as Olympics transformed the city. While New York was ultimately reminders that the real estate industry loves and believes in the not selected to host the Olympic Games, the campaign neverthe- success of this city. This year’s distinguished honorees embody less spurred the redevelopment of, among other areas, the Far the spirit that makes our industry so important to the fabric of West Side and the Brooklyn-Queens waterfront. The plan created New York City.” new development and helped trigger an economic resurgence At this year’s celebration, sadly, REBNY will mark the passing of long-neglected neighborhoods across the city. Noted Whalen, of two great leaders it had sought to honor at the event: Héctor “Both Héctor and Jay represented the very best of New York, and Figueroa and Jay Kriegel. Figueroa’s passing was a tragic loss for it is our honor to celebrate their life and legacy.” Here are the honorees that will be recognized at the largest annual real estate networking event in New York City: 2017.