Since Attorney General Eric Schneiderman relaxed regulations last spring, out-of-state condo projects approved to be marketed in New York City has shot up, nearly quadrupling in the past 8 months. Previously, due to strict regulation, condo developers had stayed away from marketing in New York. The regulations had been aimed to protect the consumer, but there had been a growing sentiment that unfortunatley the regulation was to keep non-New Yorkers from marketing in the city. Developers were required to file disclosure with the Attorney General's office and local regulators. The rule change allows developers who have had their projects approved by their home state with similar regulations to be approved to market in New York City. Currently there are 41 out-of-state condo projects approved between May and December 2016. Between 2010 and 2015 only 11 out-of-state projects were approved per year.
“It almost seemed like some of the regulations weren’t necessarily geared toward consumer protection, but toward keeping people outside New York from marketing there,” Louis Birdman, the developer behind Zaha Hadid's One Thousand Museum, told Crain's. One Thousand Musuem has been approved to market in New York City. This new effort should help reenergize Miami's stalling condo market with a new wave of capital escaping the cold and highly taxed North East.
The Real Estate Mogul's Guide to South Florida
