NY State Senate Bill 2023-S9309

Current Bill Status - In Senate Committee Judiciary 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 10, 2024	referred to judiciary

2023-S9309 (ACTIVE) - Details

See Assembly Version of this Bill:: A9744
Current Committee:: Senate Judiciary
Law Section:: Real Property Law
Laws Affected:: Add §283, RP L

2023-S9309 (ACTIVE) - Summary

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.

2023-S9309 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9309

SPONSOR: PARKER
 
TITLE OF BILL:

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

 
PURPOSE:

To place a moratorium on the purchase of residential real property by
non-New Yorkers and to obtain data to determine the retention of New
York State residents who live in New York State as their primary resi-
dence or if there is a trend of residents leaving the state.

 
SUMMARY OF PROVISIONS:

Section 1: Provides the short title of the bill: the "house New Yorkers
first act"

Section 2: The real property law is amended by adding a new section 283.

Section 3 provides the effective date.

 
JUSTIFICATION:

There are concerns that foreign entities, particularly those purchasing
properties for investment purposes rather than as primary residences,
may contribute to inflated housing prices and reduced availability of
housing for local residents. By restricting foreign entity purchases to
those intending to establish a primary residence within the state, this
legislation aims to mitigate these effects and ensure that housing
remains accessible to New York residents.

High levels of real estate investment by foreign entities can lead to
increased transience in communities, as properties may he bought and
sold frequently without any long-term commitment to the local area.
This can disrupt community cohesion and stability. By encouraging
foreign buyers to become permanent residents, this bill seeks to foster
stronger ties between residents and their communities, promoting stabil-
ity and social cohesion.

In markets where foreign investment drives up housing prices, local
residents, especially those with lower incomes, may struggle to afford
homes in their own communities. By implementing restrictions on foreign
entity purchases, this bill aims to help maintain or improve housing
affordability for New Yorkers by preventing speculative activity that
can artificially inflate prices.

The requirement for a comprehensive study on residential housing data
enables policymakers to better understand the dynamics of the housing
market and assess the impact of this legislation. By analyzing trends in
homeownership, foreclosure rates, evictions, and other key indicators,
policymakers can make informed decisions to address any challenges or
disparities in the housing market.

Overall, the House New Yorkers First Act is seen as necessary to safe-
guard the interests of local residents, promote housing affordability
and stability, and ensure that the housing market serves the needs of
New Yorkers effectively.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATION:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed on the first day next succeeding five years after it shall have
become a law.

2023-S9309 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9309
 
                             I N  S E N A T E
 
                               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:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "house New Yorkers first act".
   § 2. The real property law is amended by adding a new section  283  to
 read as follows:
   §  283.  HOUSE NEW YORKERS FIRST ACT. 1. FOR PURPOSES OF THIS SECTION,
 THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "RESIDENTIAL REAL PROPERTY" MEANS REAL PROPERTY IMPROVED BY A ONE-
 TO FOUR-FAMILY RESIDENCE, A CONDOMINIUM OR A COOPERATIVE UNIT.
   (B) "FOREIGN ENTITY" OR "FOREIGN ENTITIES" MEANS AN INDIVIDUAL WHO  IS
 NOT  A CITIZEN OF THE UNITED STATES, OR SUCH INDIVIDUAL'S SUCCESSORS AND
 ASSIGNS, OR A CORPORATION, TRUST, ASSOCIATION OR  PARTNERSHIP  ORGANIZED
 OUTSIDE THE LAWS OF THE UNITED STATES, OR SUCH CORPORATION, TRUST, ASSO-
 CIATION OR PARTNERSHIP'S SUCCESSORS AND ASSIGNS.
   2.  (A)  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW, FOR A FIVE-YEAR
 PERIOD BEGINNING ON THE EFFECTIVE DATE OF THIS SECTION, NO FOREIGN ENTI-
 TY SHALL PURCHASE ANY RESIDENTIAL REAL PROPERTY WITHIN THE STATE OF  NEW
 YORK, UNLESS SUCH FOREIGN ENTITY PURCHASES SUCH PROPERTY FOR THE PURPOSE
 OF ESTABLISHING A PRIMARY RESIDENCE WITHIN THE STATE.
   (B)  SELLERS OF RESIDENTIAL REAL PROPERTY SHALL VERIFY THAT PURCHASERS
 ARE NOT FOREIGN ENTITIES PRIOR TO EXECUTING ANY CONVEYANCE.
   3. (A) IN THE YEAR TWO THOUSAND TWENTY-SEVEN, THE DEPARTMENT OF STATE,
 IN CONJUNCTION WITH THE CITY OF  NEW  YORK  DEPARTMENT  OF  CITY,  SHALL
 CONDUCT  A  STUDY  ON  RESIDENTIAL HOUSING DATA COLLECTED THROUGHOUT THE
 STATE. SUCH STUDY SHALL ANALYZE SUCH DATA COLLECTED  ON  AND  AFTER  THE
 EFFECTIVE  DATE OF THIS SECTION AGAINST DATA COLLECTED FROM TWO THOUSAND
 TEN UNTIL THE DATE THIS SECTION TOOK EFFECT AND DETERMINE IF  SUCH  DATA
 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
 
 RY  RESIDENCE  OR  A  TREND OF RESIDENTS LEAVING THE STATE, BASED ON THE
 INDICATORS SET FORTH IN PARAGRAPH (B) OF THIS SUBDIVISION. SUCH DATA  TO
 BE ANALYZED SHALL INCLUDE, BUT NOT BE LIMITED TO:
   (I)  FORECLOSURE RATES IN THE STATE AS DETERMINED BY THE OFFICE OF THE
 COMPTROLLER;
   (II) MUNICIPAL TAX ROLLS TO ASSESS PROPERTY CONVEYANCE RATES;
   (III) THE AMOUNT OF EVICTIONS COMMENCED IN THE STATE;
   (IV) MONTHLY HOUSING MARKET  INDEX  (HMI)  SURVEYS  CONDUCTED  BY  THE
 NATIONAL ASSOCIATION OF HOME BUILDERS; AND
   (V)  ANY  OTHER INFORMATION THE DEPARTMENT OF STATE OR THE CITY OF NEW
 YORK DEPARTMENT OF CITY DEEMS RELEVANT.
   (B) SUCH STUDY SHALL ASSESS, BUT NOT  BE  LIMITED  TO,  THE  FOLLOWING
 INDICATORS  BASED ON THE DATA COLLECTED IN ACCORDANCE WITH PARAGRAPH (A)
 OF THIS SUBDIVISION:
   (I) THE AMOUNT OF NEW YORK STATE RESIDENTS WHO HAVE RETAINED  HOMEOWN-
 ERSHIP IN THE STATE SINCE THE MORATORIUM ESTABLISHED BY THIS SECTION HAS
 GONE INTO EFFECT AGAINST THE AMOUNT OF NEW YORK STATE RESIDENTS WHO HAVE
 RETAINED  HOMEOWNERSHIP IN THE STATE PRIOR TO THE MORATORIUM ESTABLISHED
 BY THIS SECTION TAKING EFFECT; AND
   (II) THE STRENGTH AND STABILITY OF THE HOUSING  MARKET  IN  THE  STATE
 SINCE  THE  MORATORIUM  ESTABLISHED BY THIS SECTION HAS GONE INTO EFFECT
 AGAINST THE STRENGTH AND STABILITY OF THE HOUSING MARKET  IN  THE  STATE
 PRIOR TO THE MORATORIUM ESTABLISHED BY THIS SECTION TAKING EFFECT.
   (C)  A  REPORT  ON  SUCH  STUDY SHALL BE PROVIDED TO THE GOVERNOR, THE
 SPEAKER OF THE ASSEMBLY, AND THE TEMPORARY PRESIDENT OF  THE  SENATE  NO
 LATER THAN ONE YEAR FOLLOWING THE COMPLETION OF SUCH STUDY.
   §  3.  This  act shall take effect immediately and shall expire and be
 deemed repealed on the first day next succeeding  five  years  after  it
 shall have become a law.

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Senate Bill S9309

Sponsored By

Current Bill Status - In Senate Committee Judiciary Committee

2023-S9309 (ACTIVE) - Details

2023-S9309 (ACTIVE) - Summary

2023-S9309 (ACTIVE) - Sponsor Memo

2023-S9309 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S9309

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Sponsored By

Kevin S. Parker

Current Bill Status - In Senate Committee Judiciary Committee

2023-S9309 (ACTIVE) - Details

2023-S9309 (ACTIVE) - Summary

2023-S9309 (ACTIVE) - Sponsor Memo

2023-S9309 (ACTIVE) - Bill Text download pdf

Comments