Building and Realty Institute of Westchester and the Mid-Hudson Region (BRI)

Westchester has added 12,500+ residential units since 2021, with 15,000 more on the way — 25% designated as affordable. But with federal freezes on green energy funding and rising material costs, future developments face hurdles. Joan McDonald, Westchester’s Director of Operations, urges developers to secure funding quickly, promising county support to streamline the process. With 40% of Westchester households burdened by housing costs, continued public funding and local incentives are crucial to keep projects moving. lohud #AffordableHousing #Westchester #HousingForAll

The Trump administration has halted approximately $60 million in funding intended for affordable housing projects nationwide, citing non-compliance with an executive order targeting diversity, equity, and inclusion initiatives. This decision has left hundreds of development initiatives in limbo, potentially exacerbating housing shortages and impacting distressed communities. The Associated Press

?? New Building Knowledge episode! ?? We welcomed back Lisa Marie Scherrer, Chief Executive Director of New Crystal Restoration, to discuss restoration essentials for building owners, managers, and homeowners. ???? Key takeaways:? ? How to handle fire, flood & disaster damage? ? Steps to improve disaster preparedness? ? The importance of green restoration & eco-friendly products ??? ? Support available for special needs families? ? Why mold monitoring matters? ? Insights on the NY metro business climate Catch the full conversation now! ?? https://lnkd.in/esBxvkTg #BuildingKnowledge #Restoration #DisasterPreparedness #GreenRestoration #PropertyManagement

Take a look at the photos from our AOAC Membership Lunch, where we explored the challenges of “Navigating Rising Costs for Insurance, Energy, and Property Taxes.”? A special thank you to our guest speakers for delivering insightful and timely presentations on key issues impacting the real estate landscape in Westchester!

New tariffs on construction materials are adding more pressure to Westchester’s already expensive housing market. Timothy Foley, CEO of the BRI, warns that rising costs will make homeownership even more difficult: ?? “That’s going to be a disaster for Westchester specifically... If you add extra cost into supply, it’s going to put homeownership out of reach of a lot of folks who are already struggling with housing affordability.” Meanwhile, Michael Murphy, Director at Murphy Brothers Contracting, Inc and BRI President, points out that some suppliers are capitalizing on uncertainty: ?? “The construction industry has been a major supporter of the administration... It seems like they are slapping the wrong people in the face.” As costs rise and uncertainty looms, how will this impact development in our region? Share your thoughts below! ?? #HousingCrisis #Westchester #Tariffs #RealEstate lohud

??? Advocating for Our Industry! ??? Our leadership A-Team—Michael Murphy (BRI President), Stacey Tompkins (BRI Secretary), and Christine McCabe (BRI Treasurer)—joined us this morning at our Legislative Breakfast, connecting members with county & state legislators on key real estate & construction issues! #BRIStrong #Advocacy #RealEstate #Construction #LegislativeBreakfast

Governor Hochul has the power to?change lives?by supporting the?Housing Access Voucher Program (HAVP)—a crucial initiative that would help struggling New Yorkers secure stable housing. So why is she holding back? New York faces a?housing crisis, and HAVP is a proven solution to keep families in their homes and off the streets. It’s time for?real action, not delays. ???Read more?about why HAVP matters and why leaders must step up NOW.

The National Association of Home Builders (NAHB) recently highlighted five key supply-side challenges impacting housing affordability: tightening credit conditions, a persistent labor shortage with over 200,000 unfilled jobs, a 34% surge in construction material costs since December 2020, limited lot availability due to restrictive land use and zoning regulations, and regulatory costs accounting for about 25% of a new single-family home's price. NAHB urges Congress to address these issues to alleviate the housing affordability crisis.

??? Episode 58 of Building Knowledge with the BRI dives into President Trump’s tariffs and their potential impact on the U.S. economy with expert guest Dr. Robert Goodman! ???? Dr. Goodman—renowned economist, former Putnam Investments consultant, and CNBC Squawk Box guest host—shares insights on:? ? The risks of tariffs & their economic effects? ? Whether businesses can adapt to offset the impact? ? What it all means for investors & the market? ? His outlook on the Fed, interest rates & more! Don’t miss this deep dive into key economic trends! ?? Listen now: https://lnkd.in/eqWx7mcg #Economy #Tariffs #BRIKnowledge #Business

A Bronx rent-stabilized building just sold for?97% less?than its pre-2019 value—dropping from $7M to just?$200K. This is the harsh reality property owners have been warning about since the Housing Stability and Tenant Protection Act (HSTPA) took effect in 2019. With crippling restrictions on rent increases and unit turnover, buildings like this are becoming financially unsustainable, leading to plummeting property values and disinvestment. New York’s housing policies need serious reform before more properties fall into disrepair and owners are forced out of the market. The Real Deal