Bill Text: NY S09309 | 2023-2024 | General Assembly | Introduced

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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 1-0)

Status: (Introduced) 2024-05-10 - REFERRED TO JUDICIARY [S09309 Detail]

Download: New_York-2023-S09309-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9309

                    IN SENATE

                                      May 10, 2024
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary

        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
    26  ten until the date this section took effect and determine if  such  data
    27  indicates a retention of residents who live in the state as their prima-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14700-03-4
        S. 9309                             2

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