Bill > S06183

This bill establishes a five-year moratorium on foreign entities purchasing residential real estate in New York state, with an exception for those intending to use the property as a primary residence. The bill defines "foreign entities" as individuals who are not U.S. citizens or corporations, trusts, associations, or partnerships organized outside U.S. laws. 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, will conduct a comprehensive study analyzing housing data from before and during the moratorium. The study will examine indicators such as foreclosure rates, property conveyance rates, eviction numbers, housing market indexes, and other relevant information to assess the impact on New York's housing market and resident retention. The study will compare homeownership trends and housing market stability before and during the moratorium, and a report will be submitted to the governor, assembly speaker, and senate president within one year of the study's completion. The act will take effect immediately and automatically expire five years after becoming law.

Justice

https://www.nysenate.gov/legislation/bills/2025/S6183