Assembly Bill A6127

2023-2024 Legislative Session

Prohibits corporate entities, developers, and contractors from converting single-family homes into a rental property unit

download bill text pdf

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Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A6127 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Real Property Law
Laws Affected:
Add Art 11 §§360 - 364, RP L

2023-A6127 (ACTIVE) - Summary

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.

2023-A6127 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6127
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 3, 2023
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the real property law, in relation to prohibiting corpo-
   rate  entities, developers, and contractors from converting single-fa-
   mily homes into a rental property unit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property law is amended by adding a new article 11
 to read as follows:
                                ARTICLE 11
                 RENTAL OF SINGLE-FAMILY PRIVATE DWELLINGS
 SECTION 360. LEGISLATIVE FINDINGS.
         361. DEFINITIONS.
         362. SINGLE-FAMILY PRIVATE DWELLING RENTAL RESTRICTED.
         363. ENFORCEMENT.
         364. RULES AND REGULATIONS.
   §  360.  LEGISLATIVE FINDINGS. THE LEGISLATURE FINDS THAT IT IS IN THE
 INTERESTS OF THE STATE TO ENCOURAGE AND PROTECT HOME OWNERSHIP  AND  THE
 SINGLE-FAMILY  HOME  AS  A  BASIC  HOUSING  OPTION,  TO  ALLOW  FAMILIES
 INCREASED ACCESS TO HOUSING THROUGH HOMEOWNERSHIP, FOR FAMILIES TO BUILD
 EQUITY AND WEALTH THROUGH THEIR HOUSING, AND TO ENHANCE AND PROMOTE  THE
 STABILITY AND WELL-BEING OF FAMILIES AND SOCIETY IN NEW YORK.
   § 361. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1.  "AFFORDABLE  HOUSING"  MEANS  AT  LEAST  TWO-THIRDS OF AN ENTITY'S
 RENTAL UNITS ARE RENTED TO AN INDIVIDUAL OR FAMILY WITH AN ANNUAL INCOME
 OF UP TO FIFTY PERCENT OF THE AREA MEDIAN INCOME AS  DETERMINED  BY  THE
 UNITED  STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, ADJUSTED FOR
 FAMILY SIZE, THAT IS PAYING NO MORE THAN THIRTY PERCENT OF ANNUAL INCOME
 ON RENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10492-01-3
 A. 6127                             2
              

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