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NY A05946
Bill
Status
2/25/2025
Primary Sponsor
Michael Fitzpatrick
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AI Summary
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Creates the "Real Property Regulatory Impacts Act" requiring the Attorney General to review all state agency rules and regulations before they take effect and issue a written assessment of their potential to result in a taking of private property
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Allows property owners to sue the state when any statute, rule, regulation, or permit denial causes a 50% or greater reduction in their property's fair market value
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Provides property owners two recovery options: receive compensation equal to the diminution in value while retaining title, or receive the full pre-diminution fair market value and transfer title to the state
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Permits any person to file suit to invalidate statutes, rules, regulations, or permit conditions affecting real property that do not substantially advance their stated governmental purpose
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Establishes a 6-year statute of limitations for claims and allows courts to award attorney fees and costs to prevailing plaintiffs
Legislative Description
Creates the real property regulatory impacts act; provides that the owner of any real property may bring an action against the state whenever the application of any state statute, rule or regulation to such property causes a diminution in value of fifty percent or more.
Last Action
referred to judiciary
1/7/2026