Nyc Real Estate

Host Mark Levine, of NYC property management company EBMG LLC goes over Intro. 1120-A, also known as "The Timing Bill". Although Mayor Adams vetoed this before leaving office, the NYC Council overrode the veto and this is now LAW.Follow me on TikTok! @markinrealestateTiming to watch out for: Applications that are received by the Agent or the Board have 45 days to be reviewed and a response has to be placed in writing. If there are additional materials to be submitted for review, the clock will stop and then start again once the materials are submitted. The Purchaser can also reach out once the 45 days are over and if there is no response within 10-days from that point, then the application is deemed to be approved.This will have considerable impact on how management companies and boards oversee their internal application process, interview protocols and approvals and all parties have to ensure that applications being reviewed are done so in accordance with law and avoid any discriminatory practices