What Real Estate Owners, Tenants, and Lenders Need to Know Now (NY)

Summary

Real estate owners, tenants, and lenders face a number of challenges in the current market. Climate change and the need for affordable housing are looming concerns in most U.S. cities. Substantial rises in interest rates have dampened investor appetites for commercial and residential real estate buying and lending. The impact of COVID-19 is still being felt as remote and hybrid work reshape the real estate landscape. This article discusses factors affecting New York City real estate, including key pieces of legislation and the rising cost of owning real property. This article also offers guidance on what actions building owners, co-op boards, and other stakeholders might take in response to these developing trends, with a focus on New York City.