Bill > A04965

This bill establishes the "House New Yorkers First Act," which creates a five-year moratorium on foreign entities purchasing residential real estate in New York state, with an exception for purchasing a primary residence. The bill defines "foreign entities" as non-U.S. citizens or organizations established outside the United States, and "residential real property" as one-to-four-family residences, condominiums, or cooperative units. Sellers will be required to verify that purchasers are not foreign entities before completing a sale. In 2028, the Department of State, in collaboration with the New York City Department of City, must conduct a comprehensive study analyzing housing data from before and after the moratorium, examining indicators such as foreclosure rates, property conveyance rates, eviction numbers, housing market indices, and other relevant information. The study will assess how the moratorium impacts homeownership retention and housing market stability in New York. Within one year of completing the study, a detailed report must be submitted to the governor, assembly speaker, and senate president. The bill will automatically expire five years after becoming law, providing a temporary intervention in the state's real estate market to potentially protect local housing availability and affordability.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A4965