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May 8, 2023

Senate Housing Chair Brian Kavanagh On Budget Talks, The Future Of Good Cause

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New York lawmakers finally ratified the annual state budget last week, a deal that came more than a month after the deadline and free of any new policies aimed at addressing the housing crisis.

While Gov. Kathy Hochul in January revealed an ambitious goal of creating 800,000 new housing units across the state in the next decade, none of the policies she put up — mandating municipalities to grow their housing stock and lifting the density cap for New York City residential structures among them — were approved. Nor was the controversial so-called Good Cause Eviction legislation. The result was a bitter disappointment for tenant and landlord advocates.

In an interview with Bisnow on Thursday, after the budget’s passage Wednesday night, Senate Committee on Housing, Construction and Community Development Chair Brian Kavanagh said there is still time for housing policies this session, and that he will continue to push forward with Good Cause legislation. He also defended the $229B budget that was passed, which included new rental assistance funding.

This interview has been edited for length and clarity.

Senate Housing Chair Brian Kavanagh On Budget Negotiations, The Future Of Good Cause

Bisnow: It doesn't seem like there are any real proposals for housing that went through [the budget]. You represent the lower part of Manhattan, how do you expect constituents to react to that outcome? Kavanagh: There were some very big policy proposals the governor had put on the table at…

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PODCAST: Carmel Partners CEO Ron Zeff, Dekel Capital Founder Shlomi Ronen Talk First Republic Fallout

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On this episode, we’re talking about the impact of yet another major financial institution's collapse, which was followed by another hike in interest rates from the Federal Reserve. “There's just a lot of uncertainty out there, and this doesn't help at all,” Ron Zeff,…

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Weekend Interview: Actor And Developer Malik Yoba On Making CRE Work For The Many, Not The Few

Weekend Interview: Actor And Developer Malik Yoba On Making CRE Work For The Many, Not The Few  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

Born and raised between the South Bronx and Harlem, Malik Yoba is best known for his acting career, starting with his breakout role in the 1993 cult classic Cool Runnings and parts in the TV shows Empire, New York Undercover and Arrested Development.

But Yoba has been actively involved in real estate development since 2017, when he launched Yoba Development. He's partnered on projects in the Bronx, Baltimore, Nashville and elsewhere, but his overarching mission has been to bring more people of color into all parts of the real estate sector, and to develop housing in conjunction with the communities where projects are based.

His work as a developer has an educational component, seeking out opportunities to talk to young people of color about getting involved in the sector, and making a documentary series about his own journey into the industry.

In this interview, Yoba discusses getting into the real estate business — and being told by developers that he shouldn't — as well as teaching young people in his community about the interconnected opportunities in real estate and how producing a film and a real estate project are similar.

This interview has been lightly edited for length and clarity.

Bisnow: Most people are familiar with you because of your work as an actor. When did you get into real estate development, and how did that happen? Yoba: The development side started in 2007 when I was given a seat at the table by some developers out of New York,…

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With steep declines in transaction volumes and leasing and a ballooning sense of economic uncertainty stacked against them, five of six top real estate brokerage firms posted net losses in the first three months of this year.

Many firms voiced expectations that the worst is yet to come, anticipating these troubling conditions and their effects on the industry would persist for longer than previously predicted. 

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