S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4965
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:
 
   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 284 to
 read as follows:
   § 284. 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-EIGHT, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09038-01-5
              

 A. 4965                             2
 
 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-
 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.