2021

LEGISLATE VIRTUAL CONGRESS

IN GENERAL ASSEMBLY

July 2, 2021

AN ACT

Real Estate Monopoly Prevention Act

Prevent Hedge Funds and Realtor Corporations monopolizing on single-family homes for profit.

Introduced By:

Date Introduced:

Referred to:

Oakley Fitzgerald - #0449

July 2, 2021, 12:38:19 AM

Housing and Urban Affairs

This bill will prevent corporations in the real estate industry from outbidding first time home buyers on single family homes. These corporations are monopolizing single family homes and by vastly overbidding the asking price to turn them into rental properties. Home owners when living in a bought home gain homeonwer wealth whereas renters do not gain this benefit. The bill will help first time home buyers, and bring people to the state and keep New Yorkers in New York.

 

BE IT ENACTED BY LEGISLATE SENATORS VIRTUALLY ASSEMBLED THAT

Glossary of Terms:

Monopoly - companies buy up all resources/properties to have it regulated under their control.

Trustee - The licensed individual selling the property.

 

New York State will require trustees, companies, corporations, or other morgage lending institutions to only sell to eligible bidders who will occupy the home. Eligible bidders don't represent any corporation or investment group, and will occupy the home after purchase.

 

Any company or corporation or other buying group who is buying the home explicitly to provide housing to an employee as part of their employment contract is exempt from this law.

Punishments:

Selling to an ineligble bidder will result in a fine of 10% of the property's appraised value, futhermore if the trustee violates this bill a seocnd time, they will pay a second fine as well a six month suspension of their real estate license. A third repeated offense by the trustee will result in a third fine payment and permanent revocation of said party's real estate license.

Enforcement:

The trustee will be required to log information on bidders as to keep track of them and when the purchase is finalized, these along with other paperwork will be inspected to make sure the bidder is eligible.

Enactment:

Real Estate Monopoly Prevention Act

will go into effect on

June 30, 2021, 4:00:00 AM

January 1st, 2022, 12:00 AM

 

Real Estate companies will be notified with the months leading up if/when this bill passes and signed into law.

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Thank you for supporting this bill

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Screenshot 2021-06-08 130434.jpg
Screenshot 2021-06-08 130434.jpg

Bill Amendments & Testimony:

Bill Testimony Give your feedback here

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Thank you for supporting this bill

Add ammendment before punishments section: Any company or corporation or other buying group who is buying the home explicitly to provide housing to an employee as part of their employment contract is exempt from this law.

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