On September 23, 2022, the New York City Department of Consumer and Worker Protection (DCWP) proposed additional rules relating to Local Law 144 of 2021, which will regulate the use of automated employment decision tools starting January 1, 2023.  The newly proposed rules provide much-needed clarity on key gaps within Local Law 144.  The comment period is now open, with a public hearing set for October 24, 2022.  Stakeholders may provide written comments or seek to testify orally by...

President Werner Hoyer and Vice-President Ambroise Fayolle will participate in a number of events during the 77th General Assembly of the United Nations (UNGA), which gathers global leaders to discuss issues such as global development, energy and food security, education and climate action. In parallel, the EIB will participate in Climate Week NYC (19-25 September), the biggest global climate event of its kind. As world leaders gather in New York this month for Climate Week, President Hoyer says it's time to deliver. Read the blog article. Find more...

It’s no secret that the costs in connection with investing in real estate in New York are considerable. Our clients often ask us to provide us a detailed estimate of the expenses before making a final offer. When an investor is financing the purchase, one of the most significant disbursements to take into consideration is the mortgage recording tax. The mortgage recording tax is calculated as 1.8% of the financing amount under $500,000 and 1.925% on financing amounts over $500,000....

Earlier this year, Governor Kathy Hochul signed into law S.812B/A.2035B, which amended the New York State Human Rights Law, N.Y. Exec. Law § 296, to require the establishment of a state-wide, toll-free, confidential hotline for complaints of workplace sexual harassment. On July 19, 2022, Governor Hochul announced the launch of this new hotline. New York employees may now call 1-800-427-2773 to receive free legal counseling regarding any complaint of workplace sexual harassment or to submit a complaint regarding such harassment....

Insurers, state and federal financial regulators are coping with the impact of climate change and the increasing risk it presents to the safety and soundness of financial institutions and to the stability of financial systems. The ever-increasing regularity and gravity of extreme weather-related events such as rapid swings in temperatures, tornadoes in the Midwest, wildfires in California, hurricanes in the Gulf Coast, and others have resulted in greater regulatory focus on climate-related risks for many sectors, including the insurance...

Most businesses understandably work to protect the privacy and security of consumers’ personal information. Of at least equal importance, however, is the privacy and security of their employees’ information. On May 7, New York’s new employee privacy law became effective and it requires employers to provide written notice to their employees prior to engaging in certain electronic monitoring activities. The state’s attorney general is responsible for enforcing the law (as it does not expressly provide a private right of action),...

On Saturday, April 9, 2022, New York Governor Kathy Hochul enacted the State’s 2022-2023 budget. New York, like most states, is swimming in a cash surplus because of favorable tax collections and federal COVID relief, so this year’s enacted budget doesn’t bring any tax increases. Instead, it provides for tax relief in many areas, including property tax relief.  The following are some of the budget provisions affecting New York State and city income taxes: Middle Class Tax Cuts Tax cuts on middle...