NEW YORK CITY—It's the stated mission of the Real Estate Board of New York “to protect, improve and advance the business of real estate” in the city, and tackling a variety of municipal, state and federal issues has been among the ways it has carried that mission out. As REBNY's annual report makes clear, advocacy is not a series of one-and-done victories, and the association's 2015 agenda will include a number of initiatives it has pursued for several years.

For example, on a local level REBNY has long advocated for “a plan that enhances the commercial character of the East Midtown district and builds upon the transit and open space assets already in place.” A rezoning that would serve as the basis of such a plan failed to come to pass during the final months of the Bloomberg administration, and Mayor Bill de Blasio, while broadly supporting an East Midtown rezoning, has called for changes to the plan.

Accordingly, REBNY notes in its annual report that “Councilmember Dan Garodnick and Manhattan Borough President Gale Brewer, with the support of the administration and the Department of City Planning, have established a Steering Committee comprised of stakeholders, such as REBNY, preservation and civic groups, and the local community boards, to develop a set of principles and guidelines that would inform City Planning's development of a new East Midtown rezoning plan.” It's scheduled to appear in late summer or early fall.

Last year, REBNY released a report titled “Housing Production on NYC Landmarked Properties,” analyzing the diminished housing production in historic districts throughout the city. The report concluded that landmarking “significantly impedes the creation of new affordable and market rate units in all five boroughs,” and REBNY says it will continue its campaign this year “towards preserving the best of New York City's architectural, historic and cultural heritage, while not obstructing the city's ability to produce affordable housing.”

At the state level, REBNY last year advocated for extending the New York State Brownfield Cleanup Program, which was due to expire at the end of this year. Advocacy efforts by REBNY and other groups managed to secure a three-month extension of the BCP; REBNY says it will work toward “a more substantial extension” as well as toward putting into place “a long-term reform of the BCP that will continue to benefit the state and its inhabitants through the effective cleanup of brownfields.”

On a national—in fact, international—level, REBNY supported a letter sent this past November to the Democratic and Republican leadership in the US Senate, urging them to pass the Menendez/Enzi proposal to provide relief from the Foreign Investment in Real Property Tax Act. As it turned out, FIRPTA reform was not enacted in the waning days of the legislative session, but REBNY continues to support the Menendez/Enzi proposal, which includes “two critical provisions” to mobilize foreign capital for investment here.

First, REBNY says, “it would remove the tax penalty that FIRPTA imposes on foreign pension funds that invest in US real estate and infrastructure. Second, it would increase the ownership stake that a foreign investor can take in a publicly traded company whose assets consist largely of US real property without triggering FIRPTA liability and extend the provision to certain collective investment vehicles.” Reforming FIRPTA, according to REBNY, “would not only make New York more appealing to investors around the world, but also open up opportunities for job creation here at home.”