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NY A04965
Bill
Status
2/10/2025
Primary Sponsor
Stefani Zinerman
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AI Summary
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Prohibits foreign entities (non-U.S. citizens and foreign-organized corporations, trusts, associations, or partnerships) from purchasing residential real property in New York for a five-year period, unless the purchase is to establish a primary residence in the state
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Requires sellers of residential real property to verify that purchasers are not foreign entities before executing any conveyance
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Defines residential real property as one-to-four family residences, condominiums, or cooperative units
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Mandates the Department of State and NYC Department of City conduct a study in 2028 analyzing housing data from 2010 through the law's effective date, examining foreclosure rates, property conveyance rates, evictions, and housing market index surveys
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Requires a report on the study's findings be submitted to the Governor, Assembly Speaker, and Senate Temporary President within one year of the study's completion; the act expires five years after taking effect
Legislative Description
Establishes a five-year moratorium on foreign entities purchasing homes in New York state unless the purchase is for a primary residence; directs the department of state to conduct a study on the effects of the moratorium on the housing market and to send a report on the study to the legislature; specifies data and indicators to analyze for the study; defines terms.
Last Action
referred to housing
1/7/2026