Gov. Kathy Hochul is pushing for a 75-day waiting period before hedge funds can buy single-family homes, aiming to curb investor-driven price surges. Meanwhile, State Sen. Liz Krueger’s End Hedge Fund Control of New York Homes Act proposes a stricter approach.
Krueger’s bill would impose a 50% tax on hedge fund home purchases and require firms to reduce holdings by 10% annually for a decade or face penalties. With hedge fund ownership of single-family homes skyrocketing to 600,000 nationwide, the measure seeks to protect home affordability, particularly in Black and low-income communities.
If passed, the bill could generate $50 million in tax revenue to help individual buyers afford homes. The legislation is currently under committee review in the State Senate and Assembly.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].