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End-of-Year 2022 Legislative Action: New Flood and Mold Disclosure Laws


From: Long Island Board of REALTORS, Inc. Sent: Wednesday, January 18, 2023 Subject: LIBOR News Update - January 18th





On December 16, Gov. Hochul signed into law a bill that will amend the Property Condition Disclosure Statement to add a question of home sellers regarding indoor mold history in the residence. The law will go into effect on Wednesday, June 14, 2023. View the sponsor’s memo and bill text HERE.

On December 23, Gov. Hochul signed a bill into law that will require all residential leases to provide notice of flood history on the property and current flood risk of the premises. The residential lease must also include a proscribed notice to tenants regarding the availability of flood insurance through FEMA. The law will go into effect on Wednesday, June 21, 2023. View the sponsor’s memo and bill text HERE.

On December 23, Governor Hochul vetoed a bill that sought to eliminate current state law that provides a property tax break to coop and condo owners by lowering their home’s assessment. In her veto message, Governor Hochul stated that many first-time homebuyers rely on the affordability of condos and coops, and approval of the bill could lead to fewer units of housing being built at a time when New York is facing a housing crisis. Learn more.


Source: Long Island Board of REALTORS, Inc.

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