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NY A06061
Bill
Status
2/26/2025
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
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Prohibits corporate entities, real estate developers, and residential building contractors from purchasing or acquiring single-family homes and converting them into rental properties
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Exempts nonprofit corporations providing affordable housing, family trusts (where a beneficiary or relative resides at the property), and family limited liability companies with 5 or fewer related members
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Allows the Commissioner of Housing and Community Renewal to grant exemptions if the entity would not negatively impact affordable housing availability, with annual reviews required
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Violators found by court order must divest the property within one year; properties not divested within that period will be sold at public foreclosure sale
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Takes effect 180 days after becoming law, with the Commissioner authorized to promulgate implementing rules and regulations
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
1/7/2026