Real Estate Board of New York

{{Short description|Real Estate Trade Association in New York}} {{Use American English|date=April 2026}} {{Use mdy dates|date=January 2025}} {{Infobox organization | name = Real Estate Board of New York | native_name = | native_name_lang = | named_after = | image = | image_size = | image_alt = | caption = | logo = | logo_size = | logo_alt = | logo_caption = | map = | map_size = | map_alt = | map_caption = | map2 = | map2_size = | map2_alt = | map2_caption = | abbreviation = | predecessor = | merged_into = | successor = | formation = {{start date and age|1896}} | founder = | founding_location = | extinction =  | merger = | type = Trade association | tax_id =  | registration_id =  | status = | purpose = | headquarters = | location = New York City, United States | coordinates =  | region_served = | services = | products = | methods = | fields = Real estate | num_members = | num_members_year = | language = English | owner =  | secretary_general = | leader_title = | leader_name = | leader_title2 = | leader_name2 = | leader_title3 = | leader_name3 = | leader_title4 = | leader_name4 = | board_of_directors = | key_people = | main_organ = | parent_organization = | subsidiaries = | secessions = | affiliations = | budget = | budget_year = | revenue = | revenue_year = | disbursements = | expenses = | expenses_year = | endowment = | num_staff = | num_staff_year = | num_volunteers = | num_volunteers_year = | slogan = | mission = | website = {{URL|rebny.com}} | remarks = | former_name = | footnotes = }}

The '''Real Estate Board of New York''' ('''REBNY''') is a trade association for the real estate industry in New York City. Formed in 1896, it has been dubbed "the leading trade group advocating on policy changes in the real estate industry". Its current president is James Whelan.<ref name="auto">{{cite news |title=The 2022 Real Estate Power 100 The forces shaping the next phase of development in New York. |url=https://www.cityandstateny.com/power-lists/2022/02/2022-real-estate-power-100/361829/ |access-date=12 June 2022 |publisher=City and State New York |date=February 14, 2022}}</ref>

==History and overview== The board was formed in 1896 to "facilitate transactions in real estate, such as buying, selling, leasing, mortgaging, and insuring of property and other business pertaining thereto. Among the current board members are the president John Banks,<ref>{{Cite web|url=https://www.rebny.com/content/rebny/en/about/John_Banks_REBNY_President.html|title = Visit REBNY}}</ref> Fredrik Eklund and Daniel Brodsky.<ref name=REBNY>[https://www.rebny.com/content/rebny/en/directory/member.html/71888031.html Real Estate Board of New York: "Daniel Brodsky - The Brodsky Organization"] retrieved February 7, 2018</ref>

Today, REBNY works to promote industry-backed policies. Its members frequently speak before government bodies to, among other things, expand New York's economy, encourage the development and renovation of commercial and residential real property, increase the city's appeal to a specific class of investors and residents, and facilitate property management for this same class. To help members hone their professional skills, the group conducts education programs, including state-certified required courses for licensing, continuing education courses, and free seminars. The group also performs research on residential and commercial conditions within the city.

In early 2015, the association represented the landlords of unsafe buildings in Councilmember Margaret Chin's downtown district and pushed back when approached about having to pay to move tenants while the buildings were being fixed. REBNY president Steve Spinola said, "This legislation would better protect tenants by strengthening the existing (Department of Housing Preservation and Development) program to relocate tenants instead of cutting into funds used for building repairs and maintenance."<ref>{{cite news|url=http://www.dnainfo.com/new-york/20150121/civic-center/bill-would-force-landlords-pay-for-displaced-tenants-temporary-shelter|title=Bill Would Force Landlords to Pay for Displaced Tenants' Temporary Shelter|date=Jan 21, 2015|publisher=DNAinfo New York|last=Tcholakian|first=Danielle|url-status=dead|archiveurl=https://web.archive.org/web/20150322043646/http://www.dnainfo.com/new-york/20150121/civic-center/bill-would-force-landlords-pay-for-displaced-tenants-temporary-shelter|archivedate=2015-03-22}}</ref>

===Political donations=== The group also backs political candidates deemed friendly to real estate companies, "Few industries gave more — and frequently in large amounts — than real estate."<ref>{{cite news |last1=Fandos |first1=Nicholas |title=Hochul Amassed a Campaign Fortune. Here's Who it Came From. |url=https://www.nytimes.com/2022/01/20/nyregion/hochul-fund-raising-donors.html |access-date=12 June 2022 |work=New York Times |date=January 20, 2022 |archive-date=June 12, 2022 |archive-url=https://web.archive.org/web/20220612222715/https://www.nytimes.com/2022/01/20/nyregion/hochul-fund-raising-donors.html |url-status=live }}</ref> Thanks to the enactment of the 1994 New York state Limited liability company (LLC) law millions of dollars are donated to Albany and local politicians "from luxury residential buildings, office towers and parking garages controlled by some of New York City’s biggest tycoons." All owned by "LLCs, a structure shielded from New York’s tight restrictions on corporate campaign donations." Real estate developers "can give virtually unlimited sums each campaign season," privately and through the REBNY. "By influencing state elections, developers have undermined rent stabilization and preserved a key tax break that saves them far more money than they spend on political campaigns. The value of that subsidy, which is known as 421-a, has soared from $73 million in 1986 to an estimated $1.4 billion this year [2016]. In return for the tax benefit, owners are supposed to limit rent increases and set aside a portion of units in high-demand neighborhoods for below-market rents — though they often don’t fulfill their commitments."<ref>{{cite news |last1=Podkul |first1=Cezary |last2=Kravitz |first2=Derek |last3=Parker |first3=Will |title=Why Developers of Manhattan Luxury Towers Give Millions to Upstate Candidates |url=https://www.propublica.org/article/developers-of-manhattan-luxury-towers-give-millions-to-upstate-candidates |access-date=12 June 2022 |publisher=Propublica |date=December 30, 2016 |archive-date=June 15, 2022 |archive-url=https://web.archive.org/web/20220615035427/https://www.propublica.org/article/developers-of-manhattan-luxury-towers-give-millions-to-upstate-candidates |url-status=live }}</ref> REBNY President James Whelan in January 2022 "indicated support for Gov. Kathy Hochul’s proposed Affordable Neighborhoods for New Yorkers program, a rebrand of the expiring 421-a tax break."<ref name="auto"/>

"REBNY members gave a tenth of all N.Y. campaign money," in 2015 "which represents only some of the political spending by New York’s real estate industry." Michael McKee, treasurer of [https://www.tenantspac.org/ Tenants PAC] {{Webarchive|url=https://web.archive.org/web/20220322173721/https://www.tenantspac.org/ |date=2022-03-22 }}, said he "was concerned that state leaders would be more likely to heed REBNY’s positions than his own as a result of the contribution levels. (Tenants PAC and McKee contributed $61,565 to 2014 candidates.) “This is legalized bribery,” he said. “They’re quite used to buying what they want and getting it, and the legislature—both houses—has proven to be quite willing to give it to them.”<ref>{{cite news |last1=Mahoney |first1=Bill |title=REBNY members gave a tenth of all N.Y. campaign money |url=https://www.politico.com/states/new-york/albany/story/2015/04/rebny-members-gave-a-tenth-of-all-ny-campaign-money-021345 |access-date=12 June 2022 |publisher=Politico |date=April 15, 2015 |archive-date=June 12, 2022 |archive-url=https://web.archive.org/web/20220612221721/https://www.politico.com/states/new-york/albany/story/2015/04/rebny-members-gave-a-tenth-of-all-ny-campaign-money-021345 |url-status=live }}</ref> Affordable housing and rent controlled apartments are disappearing as landlords exploit a "broken system, pushing out rent-regulated tenants and catapulting apartments into the free market."<ref>{{cite news |last1=Barker |first1=Kim |title=Behind New York's Housing Crisis: Weakened Laws and Fragmented Regulation |url=https://www.nytimes.com/interactive/2018/05/20/nyregion/affordable-housing-nyc.html |access-date=16 June 2022 |work=New York Times |date=May 20, 2018}}</ref>

For the 2013 political races in Brooklyn, REBNY created the '''Jobs for New York PAC''', a pro-development political action committee to support controversial Brooklyn councilwoman Laurie Cumbo and other candidates.<ref>{{cite web |url=https://huffingtonpost.com/2013/12/05/laurie-cumbo-knockout-attack-brooklyn-blacks-jews_n_4390605.html |title=Laurie Cumbo Says 'Knockout' Attacks In Brooklyn Caused By Resentment Of Jewish Success |publisher=Huffingtonpost.com |date=5 December 2013 |accessdate=January 7, 2014 |archive-date=December 19, 2013 |archive-url=https://web.archive.org/web/20131219134643/http://www.huffingtonpost.com/2013/12/05/laurie-cumbo-knockout-attack-brooklyn-blacks-jews_n_4390605.html |url-status=live }}</ref><ref>{{cite web |url=http://www.nydailynews.com/new-york/brooklyn/councilwoman-black-jewish-resentment-talk-slammed-article-1.1538099 |title=NYC councilwoman's talk of black-Jewish resentment, 'knockouts' called racist |publisher=NY Daily News |date=5 December 2013 |accessdate=January 7, 2014 |archive-date=January 8, 2014 |archive-url=https://web.archive.org/web/20140108005030/http://www.nydailynews.com/new-york/brooklyn/councilwoman-black-jewish-resentment-talk-slammed-article-1.1538099 |url-status=live }}</ref><ref>[http://www.capitalnewyork.com/article/city-hall/2014/07/8548901/councilwoman-funds-expansion-museum-she-founded "Councilwoman funds expansion museum she founded,"] {{Webarchive|url=https://web.archive.org/web/20150402194836/http://www.capitalnewyork.com/article/city-hall/2014/07/8548901/councilwoman-funds-expansion-museum-she-founded |date=April 2, 2015 }} Capital New York.</ref><ref>{{Cite news|url=http://www.nydailynews.com/news/politics/congresswoman-slams-cumbo-comment-asians-nycha-article-1.2165681|title=Chinese-American congresswoman slams Councilwoman Laurie Cumbo's comment on Asians in NYCHA housing|website=New York Daily News|archive-date=April 16, 2015|access-date=April 18, 2015|archive-url=https://web.archive.org/web/20150416082135/http://www.nydailynews.com/news/politics/congresswoman-slams-cumbo-comment-asians-nycha-article-1.2165681|url-status=live}}</ref> The PAC gave Cumbo at least $80,000 through August 2013, an unpopular move with residents in a rapidly gentrifying area.<ref name=DNA>{{cite news|url=http://www.dnainfo.com/new-york/20130827/fort-greene/pro-development-pac-donation-causes-bad-blood-35th-district-race|title=Pro-Development PAC Donation Causes Bad Blood in 35th District Race|last=Upadhye|first=Janet|date=August 27, 2013|publisher=DNAinfo|url-status=dead|archiveurl=https://web.archive.org/web/20131208181749/http://www.dnainfo.com/new-york/20130827/fort-greene/pro-development-pac-donation-causes-bad-blood-35th-district-race|archivedate=December 8, 2013}}</ref> (In an AARP-sponsored discussion a week later, Cumbo claimed that she received no money from it.<ref name=DN96>{{cite news|url=http://www.nydailynews.com/new-york/brooklyn/attacks-last-minute-debate-hotly-contested-district-35-city-council-race-article-1.1448146|title=Brooklyn: Attacks continue at last-minute debate for hotly contested District 35 City Council race|last=Goldstein|first=Sasha|date=September 6, 2013|publisher=NY Daily News|archive-date=January 8, 2015|access-date=April 11, 2015|archive-url=https://web.archive.org/web/20150108133550/http://www.nydailynews.com/new-york/brooklyn/attacks-last-minute-debate-hotly-contested-district-35-city-council-race-article-1.1448146|url-status=live}}</ref>)

===Lobbying=== REBNY also started "Putting New Yorkers to Work, Inc.", a lobbying group that funds ads by groups like Affordable Housing and Local Jobs Now to counter union groups pushing for wage requirements for the building of new affordable housing.<ref>{{cite news|url=http://www.capitalnewyork.com/article/albany/2015/05/8568662/real-estate-and-unions-run-combatting-ads-over-tax-break|publisher=Capital New York|title=Real estate and unions run combatting ads over tax break|date=May 26, 2015|archive-date=May 29, 2015|access-date=June 10, 2015|archive-url=https://web.archive.org/web/20150529014905/http://www.capitalnewyork.com/article/albany/2015/05/8568662/real-estate-and-unions-run-combatting-ads-over-tax-break|url-status=live}}</ref>

==Notable officers== [[File:Stephen M. Ross.jpg|thumb|180px|Stephen M. Ross]] *Clint Blume (1898–1973), president; Major League Baseball pitcher *Bernard H. Mendik (1929–2001), chairman; founder of the Mendik Company *Stephen M. Ross (born 1940) chair emeritus; chairman of Related Companies *Jerry Speyer (born 1940), chair emeritus; one of two founding partners of Tishman Speyer<ref>{{Cite web |title=Katherine Farley & Jerry Speyer - Crain's New York Business |url=https://www.crainsnewyork.com/recognitions/power-couples/2016/cny-katherine-farley-jerry-speyer/ |access-date=2026-04-28 |website=Crain's New York |language=en}}</ref> *Mary Ann Tighe (born 1948), chair; CEO of the New York Tri-State Region of CBRE *Robert Tishman (1916–2010)), chair; one of two founding partners of Tishman Speyer *John Eugene Zuccotti (1937–2015), chairman; U.S. chairman of Brookfield Properties

== References == {{Reflist|30em}}

== External links == * {{Official website|http://www.rebny.com/|REBNY official website}} * [https://www.rebny.com/content/rebny/en/directory.html/ Member Directory] * [https://www.youtube.com/playlist?list=PLlG8jg6jqklnWnNIS4btAKjNDGgLh5IWl/ REBNY Youtube How To Series] * Rent control in New York * 421-a tax exemption

{{Housing rights in New York}} {{Authority control}} {{DEFAULTSORT:Real Estate Board Of New York}} Category:Organizations established in 1896 Category:Organizations based in New York City Category:Real estate industry trade groups Category:Lobbying organizations in the United States Category:Real estate in New York (state)