Bill Text: NY A09744 | 2023-2024 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2024-05-20 - print number 9744a [A09744 Detail]

Download: New_York-2023-A09744-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         9744--A

                   IN ASSEMBLY

                                      April 3, 2024
                                       ___________

        Introduced  by  M.  of  A. ZINERMAN, HYNDMAN, JEAN-PIERRE, GLICK -- read
          once and referred to the Committee on Housing -- committee discharged,
          bill amended, ordered reprinted as amended  and  recommitted  to  said
          committee

        AN  ACT  to  amend  the  real  property law, in relation to enacting the
          "house New Yorkers first act"; and providing for the  repeal  of  such
          provisions upon the expiration thereof

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "house New Yorkers first act".
     3    §  2.  The real property law is amended by adding a new section 283 to
     4  read as follows:
     5    § 283. House New Yorkers first act. 1. For purposes of  this  section,
     6  the following terms shall have the following meanings:
     7    (a) "Residential real property" means real property improved by a one-
     8  to four-family residence, a condominium or a cooperative unit.
     9    (b)  "Foreign entity" or "foreign entities" means an individual who is
    10  not a citizen of the United States, or such individual's successors  and
    11  assigns,  or  a corporation, trust, association or partnership organized
    12  outside the laws of the United States, or such corporation, trust, asso-
    13  ciation or partnership's successors and assigns.
    14    2. (a) Notwithstanding any other provision of  law,  for  a  five-year
    15  period beginning on the effective date of this section, no foreign enti-
    16  ty  shall purchase any residential real property within the state of New
    17  York, unless such foreign entity purchases such property for the purpose
    18  of establishing a primary residence within the state.
    19    (b) Sellers of residential real property shall verify that  purchasers
    20  are not foreign entities prior to executing any conveyance.
    21    3. (a) In the year two thousand twenty-seven, the department of state,
    22  in  conjunction  with  the  city  of  New York department of city, shall
    23  conduct a study on residential housing  data  collected  throughout  the
    24  state.  Such  study  shall  analyze such data collected on and after the
    25  effective date of this section against data collected from two  thousand

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14700-04-4
        A. 9744--A                          2

     1  ten  until  the date this section took effect and determine if such data
     2  indicates a retention of residents who live in the state as their prima-
     3  ry residence or a trend of residents leaving the  state,  based  on  the
     4  indicators  set forth in paragraph (b) of this subdivision. Such data to
     5  be analyzed shall include, but not be limited to:
     6    (i) foreclosure rates in the state as determined by the office of  the
     7  comptroller;
     8    (ii) municipal tax rolls to assess property conveyance rates;
     9    (iii) the amount of evictions commenced in the state;
    10    (iv)  monthly  housing  market  index  (HMI)  surveys conducted by the
    11  national association of home builders; and
    12    (v) any other information the department of state or the city  of  New
    13  York department of city deems relevant.
    14    (b)  Such  study  shall  assess,  but not be limited to, the following
    15  indicators based on the data collected in accordance with paragraph  (a)
    16  of this subdivision:
    17    (i)  the amount of New York state residents who have retained homeown-
    18  ership in the state since the moratorium established by this section has
    19  gone into effect against the amount of New York state residents who have
    20  retained homeownership in the state prior to the moratorium  established
    21  by this section taking effect; and
    22    (ii)  the  strength  and  stability of the housing market in the state
    23  since the moratorium established by this section has  gone  into  effect
    24  against  the  strength  and stability of the housing market in the state
    25  prior to the moratorium established by this section taking effect.
    26    (c) A report on such study shall be  provided  to  the  governor,  the
    27  speaker  of  the  assembly, and the temporary president of the senate no
    28  later than one year following the completion of such study.
    29    § 3. This act shall take effect immediately and shall  expire  and  be
    30  deemed  repealed  on  the  first day next succeeding five years after it
    31  shall have become a law.