New York Governor Proposes Restrictions on Hedge Funds Buying Homes

Kathy Hochul's plan aims to curb institutional investors' impact on housing affordability and expand homeownership opportunities.

Governor Kathy Hochul has proposed legislation requiring a 75-day waiting period before hedge funds and institutional investors can bid on single-family homes in New York.
The plan also seeks to limit tax benefits for large investment firms purchasing residential properties to discourage bulk acquisitions.
Hochul announced additional measures, including $50 million in funding to support first-time homebuyers and incentivize the construction of starter homes.
Experts highlight that institutional investors, who own over 500,000 homes nationwide, are contributing to housing scarcity and driving up prices for individual buyers.
The proposed measures, if approved by the state legislature, could position New York as a leader in addressing the growing influence of private equity in the housing market.