Assembly Bill A9744A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9744--A
 
                           I N  A S S E M B L Y
 
                               April 3, 2024
                                ___________
 
 Introduced  by  M.  of  A. ZINERMAN, HYNDMAN, JEAN-PIERRE, GLICK -- read
   once and referred to the Committee on Housing -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14700-04-4
 A. 9744--A                          2
 
 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.