Real Estate Giants Spend Millions on Lobbying, Shaping NYC Housing Policies
In a recent report, it has been revealed that real estate giants are investing millions of dollars in lobbying activities to influence housing policies in New York City. The Rosenwach family alone spent a whopping $365,737 on lobbying efforts to rezone a property in Long Island City. This illustrates the significant financial resources being allocated to shape zoning decisions and regulations.
The report highlights that a coalition dedicated to eliminating good cause eviction spent an astonishing $1.4 million on lobbying lawmakers. Homeowners for an Affordable New York, which comprises influential trade groups such as the Real Estate Board of New York, the Rent Stabilization Association, and the Community Housing Improvement Program, ranked as the seventh-highest spender on lobbying in the state last year.
What’s interesting is that this trade group employed the services of the same lobbyist, Fontas Advisors, and paid them an astounding $971,000 this year alone. This demonstrates the seriousness with which they approached their lobbying efforts.
Taking a closer look at other major players in the real estate sector who were particularly active in 2022, one notable company was Texas-based Kiwo. Kiwo, a manufacturer of chemicals for screen printing, invested $407,005 in lobbying related to a rezoning application for a site on Bergen Street in Boerum Hill. The company sought to allow housing on the site through a text amendment that established Mandatory Inclusionary Housing. This rezoning application was eventually approved in December, marking a significant victory for Kiwo.
The motivation behind Kiwo’s lobbying investment becomes clearer when we learn that the company is an affiliate of Ulano, a screen-printing company that was leasing space on the city-owned site. As the company was gradually moving its operations to other locations, it reached an agreement with the city to terminate its lease. This explains why Kiwo was willing to spend a substantial sum of money on lobbying efforts.
Another noteworthy player in the real estate sector was the Rosenwach family, who spent $365,737 on lobbying to rezone a property at 40-25 Crescent Street in Long Island City. Their project, which involved Mandatory Inclusionary Housing, was approved in October. This demonstrates the significant financial resources that are being allocated to influencing zoning decisions and regulations.
In conclusion, the recent lobbying report sheds light on the immense amount of money being spent by various real estate players to shape policies and regulations in their favor. The coalition dedicated to eliminating good cause eviction, along with other influential trade groups, spent a staggering $1.4 million on lobbying efforts. Additionally, companies like Kiwo and the Rosenwach family invested hundreds of thousands of dollars to push for rezoning and inclusionary housing projects. These findings highlight the substantial impact that money has on the real estate industry and its ability to shape the future of housing policies in New York.
Moving forward, it will be crucial to closely monitor the real estate issues that emerge in the coming months. With summer coming to an end and everyone returning from the Hamptons, the industry is expected to become even busier. If you have any insights or information about real estate issues that should be on our radar, please reach out to kathryn@therealdeal.com.
On a different note, we recently discovered a fascinating genre of Japanese crime fiction called Honkaku, which translates to orthodox. According to an article in the Guardian, Honkaku novels provide clear mysteries that are solvable by the reader. Unlike other crime fiction, there are no random villains or last-minute clues that pop up out of nowhere. This genre emphasizes fair play and engages readers in solving the mystery alongside the detective.
In other news, New York is currently dealing with the potential impact of hurricanes Idalia and Franklin. Governor Kathy Hochul has imposed restrictions on swimming at three Long Island beaches, and city officials have issued warnings about swimming in areas without lifeguards. While beaches in the city remain open for swimming at this time, the situation is being closely monitored.
To stay updated on the latest developments in the real estate industry and other news in New York, visit The Real Deal at their website.
