Thank you so much for the opportunity to speak with you today. Good morning, Mr. Chair and members of Parliament. I appreciate the opportunity to brief you on the New York City real estate market.
I've been a real estate appraiser based in New York City for the past 38 years and am the co-founder of the valuation firm Miller Samuel. Our clients include domestic and international financial institutions, law firms, consulting firms, developers, co-op boards, condo associations, managing agents, individuals, government agencies and federal, New York state and New York City courts.
I am a New York state-certified appraiser and have appraised more than 8,000 residential properties, most of them in Manhattan. In addition, as a U.S. housing market analyst, I have authored research studies in roughly 50 U.S. housing markets, including the New York City metro area. I hold the Counselors of Real Estate designation, I am an appraiser “A” member of the Real Estate Board of New York and I was a two-term president of RAC, a national appraiser organization specializing in providing valuation solutions for complex residential properties. In 2023, I testified in Washington, D.C., at the Federal Housing Finance Agency, or FHFA, the regulator of Fannie Mae and Freddie Mac, in front of the appraisal subcommittee.
For the past three decades, my market research has been relied on by the media, financial institutions and government agencies, including the Federal Reserve, the Internal Revenue Service, the U.S. Department of Housing and Urban Development, the New York Mayor's Office of Management and Budget and the New York State Division of the Budget's Economic Advisory Board. I also co-authored a research paper for New York University's School of Law and the NYU Wagner Graduate School of Public Service's Furman Center for Real Estate and Urban Policy, titled “The Condominium v. Cooperative Puzzle: An Empirical Analysis of Housing in New York City”, which was published in the Journal of Legal Studies at the University of Chicago.
I also teach market analysis as an adjunct associate professor of architecture, planning and preservation in the masters of science in real estate development program at Columbia University. I am a New York state real estate instructor for both qualifying and continuing education courses and serve on the New York City mayor's economic advisory panel, representing the residential real estate sector.
Per my research, Manhattan co-ops and condos represent about 98% of residential sales activity on the island. Since I began my professional practice in 1986, the housing market has undergone significant change, with an expanding condominium market and a weakening co-op market.
Thank you for your time.