The real estate industry in New York has been hit with news that has recently generated heightened discontent with insiders. This has included the recent passage of rent regulations favorable to tenants. However, Commercial Observer reported that Banks had informed Rudin of his plans to leave back in April.

POLITICO also reported that Banks referred to his new position, a “stay-at-home dad,” as his “dream job.” The news source also noted Banks will remain as a REBNY consultant through March 2020.

Prior to joining REBNY, Banks was the VP of government relations at Consolidated Edison for nearly 13 years. He also served as chief of staff for the New York city council, deputy director of the council's finance division and in the mayor's office of operations during the Koch administration. He currently is on the boards of the New York Public Library, Vincent J. Fontana Center for Child Protection and Manhattan College.

The incoming president Jim Whelan has been the organization's EVP for the past nine years, overseeing efforts in advocacy, policy, government relations, communications and brokerage services. Previously, he worked as SVP for public affairs at the Muss Development Company, chief of staff for the deputy mayor of economic development of New York City, and for organizations contributing to developing Lower Manhattan after 9/11, Hudson Yards and Downtown Brooklyn.

“I look forward to serving as REBNY president to help our city stay ahead of the competition well into the future. We have many challenges ahead of us, but we are uniquely positioned to continue being the best place in the world to work and live,” says Whelan. “I thank the REBNY board of governors, and look forward to continue working with our entire REBNY team, and of course all of our city's and state's stakeholders.”