Bill > A06061

This bill prohibits corporate entities, real estate developers, and residential building contractors from purchasing, owning, or acquiring single-family private dwellings with the intent to convert them into rental properties. The legislation aims to protect home ownership and provide families with increased opportunities to build equity through housing. The bill defines key terms such as "corporate entity" (which excludes nonprofit corporations and family trusts), "single-family private dwelling" (a building exclusively occupied by one family), and establishes a process for potential exemptions. Entities can petition the commissioner of housing and community renewal for an exemption if they can demonstrate that their actions would not contradict the bill's purpose or impact affordable housing availability. The attorney general is empowered to enforce the law by taking legal action against violators, with a provision that gives violating entities one year to divest themselves of illegally held properties. If an entity fails to divest within that timeframe, the property can be sold at public auction. The bill includes detailed definitions to ensure clarity and includes provisions for annual review of exempted entities, with the goal of preserving single-family home ownership and preventing large corporate entities from converting such properties into rental units.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A6061