To address the rising cost of housing across New York, Gov. Kathy Hochul wants to limit purchases of single-family homes by private equity firms and hedge funds.

Widespread purchases of single-family homes by institutional investors may be contributing to soaring housing prices and low vacancy rates across the country.

Gov. Kathy Hochul announced a slew of housing affordability proposals Thursday morning, indicating that the issue will remain a major part of her 2025 agenda after being at the center of contentious legislative negotiations over the past two years.