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NY A06127
Bill
Status
4/3/2023
Primary Sponsor
Pamela Hunter
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AI Summary
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Prohibits corporate entities, real estate developers, and residential building contractors from purchasing, owning, or acquiring single-family homes for conversion into rental units.
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Excludes nonprofit corporations, family trusts, and family limited liability companies (with no more than five members related within the third degree of kinship) from the prohibition.
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Allows the Commissioner of Housing and Community Renewal to grant exemptions if the exemption would not contradict the bill's purpose and would not impact affordable housing availability, with annual review required.
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Authorizes the Attorney General to enforce the prohibition through court action, requiring violators to divest property within one year or face forced public sale; violations may also be enjoined.
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Takes effect 180 days after enactment, with the Commissioner authorized to promulgate necessary rules and regulations immediately.
Legislative Description
Prohibits corporate entity, real estate developer, or residential building contractor from directly or indirectly purchasing, owning, building, acquiring, or otherwise obtaining any interest in any single-family private dwelling and converting such property into residential real estate containing one rental unit.
Last Action
referred to housing
1/3/2024