New York Assembly Bill A04965 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4965 2025-2026 Regular Sessions  IN ASSEMBLY February 10, 2025 ___________ Introduced by M. of A. ZINERMAN, HYNDMAN, GLICK, CUNNINGHAM -- read once and referred to the Committee on Housing 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 284 to 4 read as follows: 5 § 284. 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-eight, 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09038-01-5 
 A. 4965 2 1 effective date of this section against data collected from two thousand 2 ten until the date this section took effect and determine if such data 3 indicates a retention of residents who live in the state as their prima- 4 ry residence or a trend of residents leaving the state, based on the 5 indicators set forth in paragraph (b) of this subdivision. Such data to 6 be analyzed shall include, but not be limited to: 7 (i) foreclosure rates in the state as determined by the office of the 8 comptroller; 9 (ii) municipal tax rolls to assess property conveyance rates; 10 (iii) the amount of evictions commenced in the state; 11 (iv) monthly housing market index (HMI) surveys conducted by the 12 national association of home builders; and 13 (v) any other information the department of state or the city of New 14 York department of city deems relevant. 15 (b) Such study shall assess, but not be limited to, the following 16 indicators based on the data collected in accordance with paragraph (a) 17 of this subdivision: 18 (i) the amount of New York state residents who have retained homeown- 19 ership in the state since the moratorium established by this section has 20 gone into effect against the amount of New York state residents who have 21 retained homeownership in the state prior to the moratorium established 22 by this section taking effect; and 23 (ii) the strength and stability of the housing market in the state 24 since the moratorium established by this section has gone into effect 25 against the strength and stability of the housing market in the state 26 prior to the moratorium established by this section taking effect. 27 (c) A report on such study shall be provided to the governor, the 28 speaker of the assembly, and the temporary president of the senate no 29 later than one year following the completion of such study. 30 § 3. This act shall take effect immediately and shall expire and be 31 deemed repealed on the first day next succeeding five years after it 32 shall have become a law.