Bill > A01818

This bill introduces the "End Hedge Fund Control of New York Homes Act," which imposes a significant excise tax on certain large financial entities (defined as "applicable taxpayers") that own multiple single-family residences, with the goal of encouraging these entities to reduce their residential property holdings. Specifically, the bill mandates that hedge funds, asset management firms, and other investment entities with over $50 million in assets must progressively reduce their residential property portfolios over nine years, starting with a requirement to own no more than 90% of their initial single-family residence count in the first year and ultimately reaching zero excess properties by the ninth year. For each excess property beyond the permitted threshold, the entity will be taxed $50,000 per unit. Additionally, the bill establishes a housing down payment trust fund that will collect the tax revenues and use them to provide grants to state housing finance agencies for down payment assistance programs, with priority given to families purchasing homes previously owned by these investment entities. The legislation aims to address concerns about institutional investors purchasing large numbers of residential properties, potentially limiting housing availability and affordability for individual homebuyers.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1818