#real estate regulation

[advocatechenoyceil]

Housing Sales Touch New High in Kolkata in H1

Housing Sales Touch New High in Kolkata in H1

Showing symptoms and symptoms of a strong boom, new domestic income in Kolkata witnessed a big boom of seventy-four in step with cent year-on-year (YoY) to five,one hundred fifteen gadgets in H1 2021 compared to 2,937 gadgets in H1 2020. According to Knight Frank`s marketplace evaluation report “India Real Estate January – June 2021” – which evaluates the overall performance of residential…

[trendynewsnow]

Concerns Over Non-Resident Board Members in Cooperatives

Concerns Regarding Non-Resident Board Members in a Cooperative Q: I reside in a sizable cooperative in Lower Manhattan that is governed by a board consisting of nine members. Recently, one of the board members sold their apartment and relocated to another state, while a second member is currently living abroad with his family and subletting his apartment, claiming that he intends to return…

[thelonesgroup]

The Election is Over - What's Next for Housing?

It has been an interesting few days, weeks, months, and even years leading up to the election this week. Depending on whether you have been cheering for team red or blue, you may be celebrating, welcoming in a new era, a bit bewildered, or even accepting and looking ahead.

As a real estate professional and steward of homebuilders in this country, my first inclination when anyone is running for any office that has an impact on housing is to determine what their mission is pertaining to it. Housing is currently flirting with a shortage of 5 million homes nationally and is one of our biggest issues that affects cost of living, the economy (as people have less to spend on purchases when there is so much tied up in a house payment), homelessness, security for seniors, and prosperity.

When it looked like it would be a Harris-Trump matchup, I took a hard look at their proposed housing policies. Both agreed that increasing the supply of housing is at a critical point and have ideas for how to ease the burden on housing supply.

I am going to briefly summarize their plans and provide my thoughts regarding what I think needs to be done in the years ahead.

Harris's Policies

Harris focused on increasing the supply of housing by encouraging the building of 3 million housing units. This would help reduce the deficit of 5 million homes that don't currently exist that we need. To do that, her primary method was to expand existing tax credits to make it easier for builders to build affordable and rental housing.

She also proposed a $40 billion fund for innovations in housing construction, affordable home design, and creative financing.

Another goal of hers was to take a look at existing regulation that is limiting construction, although most zoning, permits, and regulation is at the state and local level. That being said, there are currently limitations in terms of financing that is determined at the federal level that can be reconfigured to allow for more middle housing construction. She has indicated that some of her targets would have been reducing red tape for transit-oriented development and office-to-residential conversions.

She also proposed $25,000 in down payment assistance for first-time homebuyers. Although this doesn't actually increase supply - it may make housing more affordable. But without the additional supply of housing, this increased demand may actually cause prices to rise in excess of that $25,000.

Trump's Policies

One of the ways Trump has proposed to reallocate housing supply is to decrease demand by limiting immigration or deporting illegal aliens who are here now. The impact of this policy is not yet clear, and there is concern regarding how a massive deportation will affect the building industry which is already suffering from labor and skill shortages. According to REALTOR.com, a third of the housing market labor force is foreign-born.

Another way he may achieve this is by limiting mortgage access for undocumented immigrants.

He also supports opening more federal lands for housing - both he and Harris supported the idea of utilizing public lands for this purpose. Trump's plan calls for “ultralow tax and ultralow regulation” in order to support large scale housing construction. Trying to match up available public lands with areas of demand is something I foresee as a challenge. According to REALTOR.com, “the federal government owns about 27% of the total land area, but much of that land is located in the Western U.S.” Much of this land is in remote areas. However, I have high hopes that there are areas where this could have a good impact on our housing supply although not quickly as both politicians implied. Infrastructure may take a long time to install. Furthermore, in Washington State, we are hampered by Growth Management Act which curtails density. Even if federal and public lands were opened up, if they were not in areas that each county had slated for development, development would only occur at rural levels. This is a good long-range plan, but not something that will affect us now and even in the next few years.

In addition, he supports removing regulations and permit requirements that drive up the cost of housing, including environmental and safety regulations. The National Association of Homebuilders indicate that nationally, site and building permit fees account for approximately 7.4% of an average new-home cost. However, this will be limited for the same reasons Harris' plan would be - much of permitting and regulation exists at the state and local levels.

In Trump's previous term in office, he created an executive order to create the White House Council on Eliminating Barriers to Affordable Housing Development - the results from this Council could impact future policy. Two points from this have emerged which include changing the affordable housing environmental review process and changes to manufactured home regulations.

Bringing down mortgage rates is another focus of his. Although it is not yet clear how this will be manipulated, this would assist with both general housing costs with resale and in making it more affordable to build.

Trump's platform also calls for tax incentives and support for first-time buyers. It may include tax deductions for mortgage interest, mortgage insurance, or tax credits. But similar to Harris' plan, this may actually result in driving up demand, increasing prices, and essentially erasing this benefit.

Denise's Soapbox (My Top 5)

I was very glad to see that both candidates made housing a priority and I hope the new Trump administration will continue to do so. We have such a deficit of housing which impacts so many other facets of the economy that we need a focused, multi-faceted approach. There are elements of both plans that I believe will help fix what is broken with our housing supply. If I could sit down with President Trump and lay out a plan for fixing the housing shortage, these would be my Top 5:

#1 Remove Barriers that Cause Delays to Getting Initial Approval

There is too much policy and regulation red tape that exists at the state and local levels. This is a national problem and therefore needs a national solution. We don't need to pay a non-profit firm or an internal watch crew to figure this out. There needs to be a state mandate - with consequences - on permitting and processing timelines. Most delays are caused by one or more of these three things:

Lack of permit technicians, planners, and people in the building department OR existing personnel have not dedicated enough time to processing permits (existing personnel are wearing too many hats).

Permit approval process is too segmented and each segment takes too much time - need to streamline.

Too many special reports or studies are needed on properties.

Local government needs to understand how much delays cost every step of the way. This is just one of the reasons the cost of building has gone up - builder carrying costs. Now with interest rates higher, these costs are going to hamper how much risk our builders are willing to take on unless these can be limited.

#2 Remove Costly and Excessive Regulation Causing Barriers to Housing

We live in an exciting time when it comes to housing product innovations. When I am at the International Building Show, I am wowed by all the ways people in other countries are developing products that will help in the construction process or result in a better product for the consumer. However, regulation and red tape keep some of those innovations from coming to the US. We have to get out of our own way.

Additionally, regulation caused by the new energy code, tree ordinances, critical areas ordinances, and more, are driving up the cost of housing - and causing delays that drive up housing costs. We can't keep adding to the Builder Burden - we have to get these under control or perhaps put a pause on some of them - people are in the streets and suffering while we are out measuring tree trunks. Come on, people!

#3 Analyze ALL Government-Mandated Fees Around Housing

My permitting fees have increased an astounding 25% over the last couple of years WITHOUT the benefit of a more-predictable, more-expedient processing timeline. In fact, it has gotten exponentially WORSE. Builders need relief! We can't keep passing these exorbitant fees along to buyers, but we don't have a choice.

According to the Building Industry Association of Washington, it costs approximately $200,000 more to build a home in Washington State than elsewhere due to #1, #2, and #3. Those are costs that builders either have to eat or that get passed along to the buyer. No wonder we can't get enough housing built!

#4 Pre-Approved Plans for Infill Lots

This includes ADUs, DADUs, and small Single Family Residential plans. If a buyer or a builder knows they don't have to wade through the permitting process for the build, there is a lot more certainty in terms of build costs, carrying costs, and build timelines. We must do what we can to eliminate uncertainty and one way we can do that is through pre-approved plans. These plans may be altered for décor like a gingerbread house - the structure is the same, but perhaps the siding and colors can change.

For example, in Washington State, modular and manufactured homes are approved at the state level which essentially means they can be placed anywhere. There is no local permitting that needs to be done on the build, just the land. This same principle can be applied at each state level with federal funding.

NOTE: The above four issues are state and local in nature. But the federal government can provide a mandate and funds to address the issue. For example, the federal government could roll out a program with funding attached, tax incentives, or a combination thereof with stipulations that the fees be used to implement the above objectives. Harris had proposed $40 billion to look at ways to cut costs and improve processes. Something like this could work to achieve the above.

Also, we need to expand tax credits and incentives. All types of housing are needed - permanent supportive housing, partially-supported housing, workforce housing, and luxury homes. It makes sense to provide some sort of sliding scale depending on the type of housing needed per area. For example, King County needs over 300,000 housing units built over the next 20 years and the Washington State Department of Commerce has indicated how much of each economic category is needed. It wouldn't be difficult to create a system of tracking these and once we hit the numbers, that tax credit or incentive goes away.

#5 Institute a Government-Funded Builder Loan Program

Builders have to fight to get money for their projects at market which drives up costs. However, if a lower-interest and lower-fee program were available, builders could build more and housing would be less-expensive.

I have plenty more to say on how the federal government can prioritize housing supply, but the publication timeline is getting too close. So, it will have to wait. But no worries! I have plenty more to say at my upcoming State of the Market class which I am pleased to announce!

Sources

[NPR] Trump-Harris Housing Costs Plan

[Realtor] Donald Trump Will Return to the White House: What His Presidency Means for the Housing Market

[Bi-Partisan Policy] Comparing the Housing Proposals of the 2024 Presidential Campaigns

[NowBam.com] What a Trump Presidency Means for Housing

ANNOUNCING!

REGISTER NOW

The impact of elections is just one of many more important things impacting our industry that I will be covering in more detail at my upcoming 2025 State of the Market. Here are a few other topics I will be covering:

How will a new administration handle our housing shortage?

How will mortgage rates contend with the economy?

What changes can we expect to see with inventory and buyer demand?

How will our comprehensive plans and new housing legislation shape our markets?

How will availability of rentals, a hot legislative topic, impact our market?

What must agents know about second-home and other opportunity markets?

What opportunities are ahead for brokers, builders, and developers?

This year's State of the Market will be online, allowing you to tune-in from anywhere. We are also including 3.0 Washington State Clock Hours for all of you real estate brokers. I hope to see you at State of the Market!

Get your ticket today!

By Denise Lones CSP, CMP, M.I.R.M. The founding partner of The Lones Group, Denise Lones has over three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development and more, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.

[ivygorgon]

An open letter to the U.S. Congress

Pass the Stop Wall Street Landlords Act

15 so far! Help us get to 25 signers!

The housing crisis in our nation is reaching unprecedented levels, making homeownership increasingly out of reach for many hardworking individuals and families. A major contributor to this crisis is the unchecked activity of Wall Street firms and institutional investors who are treating homes as mere speculative assets, driving up prices and pricing out potential homebuyers. We cannot stand idly by as private equity giants and corporate landlords continue to exploit the housing market for their own profit, at the expense of our communities. The Stop Wall Street Landlords Act seeks to put an end to this predatory behavior by implementing sensible regulations and disincentives for large investors to hoard single-family homes. This legislation represents a critical step towards restoring balance and fairness to the housing market, ensuring that homes are available and affordable for those who need them most. I strongly urge you to support this bill and prioritize the needs of everyday Americans over the greed of wealthy investors. Our constituents deserve the opportunity to build equity and achieve the dream of homeownership without being priced out by exploitative corporate tactics. Together, we can take meaningful action to address this crisis and make housing more accessible for all.

▶ Created on October 23 by Jason

📱 Text SIGN PNJEQK to 50409

[jamaicahomescom]

The Future of Real Estate in Jamaica: AI, Big Data, and Cybersecurity Shaping Tomorrow’s Market

[lawofficeofryansshipp]

Understanding Florida Statute 723.002: A Guide for Mobile Home Park Owners

Understanding Florida Statute 723.002 As a Florida mobile home park owner or property manager of a mobile home park, you’re likely familiar with the complexities of managing tenancies. One of the most important laws you need to understand is Florida Statute 723.002, which governs the application of Chapter 723, Florida’s law on Mobile Home Lot Tenancies. This statute outlines when Chapter 723…

[lucaspaqueta007]

Is It Legal to Sell Landlocked Property? Understanding the Rules and Regulations

When it comes to real estate, a landlocked property is one that does not have direct access to public roads or streets. This can present unique challenges for both buyers and sellers. Understanding the legal implications and regulations surrounding the sale of landlocked property is crucial for making informed decisions. In this blog, we'll explore whether it's legal to sell landlocked property and what you need to know about the rules and regulations. is it legal to sell landlocked property

What is Landlocked Property?

Landlocked property refers to a parcel of land that is entirely surrounded by other properties, with no direct access to public roads. This lack of access can make it difficult to reach the property, which may affect its value and desirability.

Is It Legal to Sell Landlocked Property?

Yes, it is legal to sell landlocked property. However, selling such a property comes with specific challenges and legal considerations. The key issues typically revolve around access rights and easements.

Key Legal Considerations for Selling Landlocked Property

1. Easements

An easement is a legal right to use someone else's land for a specific purpose, such as accessing your landlocked property. There are different types of easements, including:

Express Easements: These are written agreements that grant access across another person’s property. Express easements are often recorded in public records and are legally binding.

Implied Easements: These are not written but are assumed based on the circumstances, such as historical access to the property.

Easement by Necessity: This type of easement is granted when a property is landlocked, and the only way to access it is through another property. Courts may grant this easement if it is deemed absolutely necessary for the use of the landlocked property.

2. Obtaining Access Rights

If the landlocked property does not currently have an easement, the seller or buyer may need to negotiate with neighboring property owners to obtain one. This process can be time-consuming and may involve legal proceedings if the neighboring property owners are unwilling to grant access.

3. Disclosure Obligations

In most states, sellers are required to disclose any known issues with the property, including the fact that it is landlocked. Failure to disclose this information can lead to legal complications, including potential lawsuits from the buyer.

4. Impact on Property Value

The landlocked status of a property can significantly affect its value. Buyers may be hesitant to purchase a property without guaranteed access, and lenders may be reluctant to finance such a purchase. As a result, landlocked properties often sell for less than comparable properties with direct access to public roads.

Tips for Selling Landlocked Property

Secure an Easement: Before listing the property for sale, try to secure an easement for access. This can make the property more attractive to buyers and simplify the sales process.

Work with a Real Estate Attorney: Given the legal complexities involved, it’s advisable to work with a real estate attorney who can help navigate the process and ensure that all legal requirements are met.

Be Transparent with Buyers: Clearly communicate the landlocked status of the property to potential buyers. Providing information about existing or potential easements can help build trust and avoid future disputes.

Consider the Buyer’s Perspective: Buyers will need to consider how the landlocked status affects their plans for the property. Being prepared to address their concerns and provide solutions can facilitate a smoother transaction.

Conclusion

While it is legal to sell landlocked property, doing so requires careful attention to legal details, particularly regarding access rights and easements. By understanding the rules and regulations and taking proactive steps to address potential issues, you can successfully navigate the sale of a landlocked property. Whether you’re a buyer or seller, working with professionals, such as real estate agents and attorneys, can help ensure a smooth and legally sound transaction.

[inporiem]

Inporiem is a prominent provider specializing in a range of services for the construction and property development sectors. They offer comprehensive assistance with obtaining crucial documentation, including the essential building regulations certificate. Their expert team ensures that all necessary compliance and regulatory requirements are met efficiently, streamlining the process for clients. By focusing on delivering precise and timely certification, Inporiem supports developers and builders in adhering to local regulations, ultimately facilitating smoother project approvals and construction workflows.

[advocatechenoyceil]

Kolkata: Promoters will lose licence if flat consumers are duped

The Kolkata Municipal Corporation constructions branch will now revoke the change licence of the actual property promoters if determined responsible of duping flat owners. Earlier, the steps covered penalizing the architects or the licenced constructing surveyors for failing to grant amenities to the flat proprietors as noted in the settlement papers after the completion of a housing venture or…

[nationallawreview]

This Michigan Supreme Court Case Has the Potential to Guide Drone and Air Rights Law for the Nation

While at first glance the Michigan Supreme Court case of Long Lake Township v. Maxon, appears to be a simple zoning dispute with a Fourth Amendment twist, the real impact of the case may ultimately fall on drones and air rights law, particularly the rights of landowners to exclude drones from flying in the airspace immediately above their land, and relatedly the ability of state and municipal…

[vivaadvisors]

Tax Compliance Services

We provide comprehensive tax compliance services, GST litigation, and Real Estate Regulation Act support across India. Our expert guidance ensures your business remains compliant with all regulations. Trust us to handle your tax needs efficiently, allowing you to focus on growing your business. Stay compliant and stress-free with our professional services.

[estateexpo]

Discover the essence of Gujarat's real estate prowess at The Estate Expo, where innovation meets opportunity. As the prime hub for property enthusiasts, we curate an unparalleled showcase of premier real estate ventures, investment prospects, and expert insights. From luxurious residences to lucrative commercial spaces, explore a diverse array of offerings tailored to suit every discerning buyer's needs. Our platform serves as the nexus for developers, investors, and home seekers alike, fostering connections and facilitating transactions that shape the landscape of Gujarat's real estate market. Don't miss the chance to immerse yourself in this dynamic ecosystem, where dreams find their perfect address and investments thrive. Join us at The Estate Expo and embark on a journey towards securing your future in the vibrant realm of Gujarat's real estate.

[avalonstudiodesignbuilder]

ADUs for Multigenerational Living: Creating Harmonious Family Spaces

As families grow and change, the concept of multigenerational living gains appeal. Accessory Dwelling Units (ADUs) are increasingly popular for accommodating different generations within a single property, providing both closeness and individual privacy. This guide delves into how ADUs can support multigenerational families, fostering stronger bonds and offering economic advantages.

Benefits of ADUs in Multigenerational Homes ADUs strike an ideal balance between proximity and privacy in multigenerational setups. Constructing a separate living space on the same property allows families to live near one another while maintaining their own living spaces. This close yet independent arrangement supports daily interactions and family gatherings without the usual challenges of shared living spaces, promoting a supportive and connected family environment.

Economically, ADUs offer significant advantages by consolidating housing expenses. Families can share the costs of property maintenance, utilities, and mortgages, easing financial pressures across generations, which is particularly beneficial for the younger and older family members who might face more significant financial challenges.

Design Considerations for Family-Friendly ADUs Designing an ADU for a multigenerational family requires careful consideration to address the needs of all family members. For elderly residents, features such as step-free access, wider doorways, and safety bars in bathrooms are essential. For the younger generation, adaptable spaces that can transition from playrooms to study areas or home offices as children grow are highly beneficial.

Building Community Within the Home Beyond facilitating family togetherness, an ADU can also become a central hub for wider community engagement. It can host gatherings for extended family and friends, thereby extending its benefits beyond the immediate family to foster broader community connections. This not only enriches family life but also integrates the family more deeply into the local community fabric.

ADUs are not merely a structural addition to a property but a strategic response to the changing dynamics of modern families. By embracing multigenerational living through thoughtfully designed ADUs, families can nurture an environment that supports both independence and interconnectedness. Embarking on an ADU project is more than building a space—it’s about creating a home that enhances the lives of all family members, promoting shared experiences and lifelong connections.