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New York Governor Takes Aim at Wall Street's Home Buying Activities

Its outcome could have far-reaching implications for housing policy across the US.

By Erika Morphy | January 10, 2025 at 07:15 AM

New York Gov. Kathy Hochul has proposed a series of measures to curb institutional investors’ influence in the single-family home market. The governor’s plan to impose restrictions on hedge funds and private equity firms, which will be unveiled in her upcoming State of the State address, and it could become a model for other states concerned about housing affordability and availability.

At the heart of Hochul’s proposal is a 75-day waiting period that would prevent institutional investors from bidding on properties immediately after they hit the market. This cooling-off period gives individual buyers and families a fair chance to compete for homes. Additionally, the governor’s plan would eliminate certain tax benefits, such as interest deductions, for large-scale property purchases by these firms.

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