Opposing the REST Act
This past Lobby Day, members of the Hudson Gateway Association of REALTORS® (HGAR) and the New York State Association of REALTORS® (NYSAR) met with dozens of state elected officials to advocate for a pro-housing, pro-homeownership, and pro-affordability agenda.
Much of the day focused on positive policy initiatives designed to expand access to housing and strengthen opportunities for New Yorkers. Among the issues discussed were first-time homebuyer assistance legislation and reforms aimed at improving education and training requirements for local land use boards.
But not every issue before the Legislature supports housing growth or affordability.
HGAR and NYSAR also traveled to Albany to oppose several troubling proposals — most notably the REST Act.
The “Rent Emergency Stabilization for Tenants (REST) Act” would significantly expand the ability of municipalities outside of New York City to adopt rent stabilization policies. Under current law, municipalities must first conduct a housing vacancy survey and demonstrate that the local rental vacancy rate is at or below 5 percent before declaring a housing emergency and implementing rent stabilization under the Emergency Tenant Protection Act (ETPA).
The REST Act would fundamentally change that standard. Instead of relying primarily on “measurable vacancy data”, municipalities could declare a housing emergency based on broader and more subjective factors, including rent burden levels, homelessness rates, housing supply concerns, and a generalized “need for regulated rents.”
Supporters argue the proposal would provide local governments with additional tools to address housing instability and rising rents. However, opponents — including HGAR, NYSAR, and many housing industry stakeholders — believe the legislation would discourage new housing investment, reduce private development activity, and create greater uncertainty in the housing market at a time when New York desperately needs more housing supply.
Critics of the proposal also point to the recent experience in Kingston, New York. In 2022, Kingston became the first municipality outside of New York City to opt into the Emergency Tenant Protection Act in decades after a vacancy study found the city qualified under existing law. The rollout was immediately met with confusion, litigation, administrative challenges, and widespread debate over implementation. Property owners and housing advocates argued the policy created uncertainty for landlords while failing to address the underlying shortage of available housing units. The situation in Kingston has since become a major point of debate in statewide discussions over expanding rent regulation.
As many New Yorkers know, the state budget was due on April 1. This year, however, budget negotiations have stretched well beyond the deadline. While the Governor and Legislature continue negotiating major issues, reports indicate final budget discussions could conclude in the coming weeks.
What many people may not realize is that a delayed budget compresses the remainder of the legislative calendar. Once the budget is finalized, lawmakers will have only a short period before the legislative session concludes in early June. Because this is also an election year for the State Legislature, the pace in Albany is expected to accelerate dramatically.
That environment creates the perfect conditions for controversial legislation to move quickly.
HGAR, NYSAR, and dozens of like-minded organizations are actively mobilizing to ensure lawmakers understand the potential consequences of proposals like the REST Act. At a time when New York faces a severe housing shortage, policies that may discourage investment in new housing construction or create additional uncertainty in the rental market risk worsening the affordability crisis rather than solving it.
New York needs policies that encourage housing production, support responsible property ownership, and expand opportunities for both renters and prospective homeowners. REALTORS® across the state remain committed to advocating for solutions that increase housing supply and improve affordability without undermining long-term housing investment.
HGAR encourages all members and stakeholders to stay informed and engaged as the legislative session enters its final weeks. To learn more about HGAR’s Call for Action on the REST Act and contact your elected officials, visit HGAR’s advocacy page.
About the author: Alexander Roithmayr is the Director of Government Affairs for the Hudson Gateway Association of REALTORS®
