Basha Gerhards, Executive Vice President for Public Policy at the Real Estate Board of New York, joins the show to break down what the 2026 state legislative session delivered for co-op and condo owners. Gerhards describes her role helping REBNY's more than 14,000 members, from architects and engineers to brokers, owners, and property managers, understand and shape the policies affecting New York City's housing market. Day to day, that means analyzing bills, tracking the city and state budgets, and turning dense statutes into practical questions: What will a mandate cost? Who has to administer it? Is there a realistic path to compliance? She also shares her system for getting through the densest legislation, which involves plenty of caffeine and, for a long time, Swedish Fish. The conversation then turns to the state budget and the three issues boards will be dealing with for years. Gerhards explains the J-51 extension, which is now a 10-year program with its assessed value cap raised to about $60,000 and indexed to inflation. That opens the abatement to far more co-op units, though the City Council and HPD still have work to do before buildings can use it. She describes the mismatch created when Albany pushed back its statewide climate goals while Local Law 97 deadlines stayed in place, and how boards should fold compliance into their capital planning. Then comes the second home annual tax, better known as the pied-à-terre tax. She covers the $1 million threshold for co-op and condo units and a rollout she says went worse than even REBNY expected. She also explains why the tax falls on the co-op corporation, which leaves boards and other shareholders exposed when an owner won't pay. She weighs in on the bills that didn't pass, the strain AI data centers put on the power grid, and what co-op and condo leaders should watch in the year ahead. The episode closes with Richard's lightning round, which heads to Roosevelt Island, where Gerhards lives, and settles a borough debate along the way. Her family's favorite routine is grilling at the public grills next to a playground at sunset, with the Manhattan skyline across the water. She points out the hospital ruins near Four Freedoms Park, the historic lighthouse at the island's northern tip, and its two cat sanctuaries, and names Granny Annie's as the go-to spot to eat. For anyone serving on a board or managing a building, this is a clear look at what Albany just passed, what it will cost, and what still has to be worked out.