Albany’s legislative session is effectively over for the year. The state Senate adjourned Friday morning after an overnight marathon of debate and voting, and the Assembly is expected to wrap up later in the day. With senators headed home, any bill that failed to clear the chamber is dead until next year.
This year’s protracted budget negotiations left lawmakers with little time to negotiate legislation, triggering a frantic end-of-session push to move hundreds of bills through both chambers. A handful of real estate bills crossed the finish line; many others died or were kicked down the road.
Private listings get new rules and liability protections
The Legislature approved a bill that curtails private listings unless a seller or rental landlord signs a disclosure acknowledging that limiting public exposure could reduce buyer interest and offers. Assembly member Michaelle Solages and state Sen. Nathalia Fernandez sponsored the measure.
The bill includes key concessions to brokers following lobbying from the Real Estate Board of New York, which said it is pleased with where the bill landed. Agents must place listings on a multiple listing service or a public-facing website in a “timely” manner unless a seller opts out — initially the bill required posting within one calendar day of a listing agreement.
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Perhaps the biggest win for brokers is the liability protection. Real estate professionals who act in “good faith” and do not knowingly make false or misleading statements would be shielded from legal exposure. At the same time, penalties for violations rose from $2,000 to $5,000.
The bill does not regulate how listings are marketed once they hit a public website, leaving the door open for brokerage-to-brokerage listing networks that have recently proliferated. Compass and Redfin launched the first such partnership in February; Zillow has since struck similar deals with more than 60 brokerages and franchisors.
New York becomes first state with a data-center moratorium
Lawmakers on Thursday approved a sweeping bill from Sen. Kristen Gonzalez and Assembly member Didi Barrett that includes a one-year moratorium on new large data centers. If it becomes law, New York would be the first in the U.S. to impose a statewide pause on data center development amid concerns about energy and water demands.
The moratorium is a scaled-back version of the three-year freeze initially sought by lawmakers and environmental advocates. Despite pushback from building and trade unions — especially the state Building and Construction Trades Council — the compromise cleared as part of a broader data center package. Whether it actually becomes law rests with Gov. Kathy Hochul, whose office says she’s reviewing the bill.
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Broker licenses get harder to earn
Becoming a licensed broker in New York may soon take longer. The Senate and Assembly approved a bill sponsored by Sen. James Skoufis and Assembly member Ed Braunstein that would double the experience required to qualify for a broker’s license, from two years as a licensed salesperson to four consecutive years.
Applicants who don’t meet that threshold could instead document at least three years of equivalent experience elsewhere in the real estate industry. The New York State Association of Realtors supports the measure and argues that requiring more experience benefits all parties in a transaction. Applicants would still need to complete 152 hours of approved coursework, including fair housing and anti-discrimination training.
Rent stabilization expansion stalls again
A push by progressive Democrats to create a new way for communities outside New York City to adopt rent stabilization stalled in Albany. Current law allows local governments to enact rent stabilization if they declare a housing emergency, but only after conducting a costly vacancy study proving the rental vacancy rate is 5 percent or less.
The Rent Emergency Stabilization for Tenants (REST) Act, sponsored by state Sen. Brian Kavanagh and Assembly member Sarahana Shrestha, would have allowed local officials to use publicly available data including housing supply, rent burdens and eviction rates. Housing Justice for All rallied tenant advocates, while landlord groups like Homeowners for an Affordable New York mounted opposition.
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Kavanagh argued time was the bill’s biggest obstacle. With budget negotiations wrapping up eight days before the end of session, there was limited time to win over skeptical lawmakers. “I do expect this will be an ongoing conversation but we were just not able to get consensus,” he said. The measure will need a new Senate sponsor next year, as Kavanagh is set to retire. It’s not yet clear who will take it up.
Vacant malls and offices could still become housing — next year
In March, Skoufis and Solages unveiled the REVIVE Act, aimed at turning struggling malls, office complexes and little-used parking lots into housing. The proposal would streamline approvals for qualifying projects, creating apartments from stranded commercial assets. Backed by builders and housing advocates, the measure drew pushback from local officials who argued it would erode municipal control. It stalled this session but is expected to resurface next year.
Zombie homes bill hangs in limbo
Since 2017, state lawmakers have pushed legislation requiring banks and other lienholders of abandoned multifamily properties to address hazardous conditions. The latest version, sponsored by Sen. Zellnor Myrie and Assembly member Charles Lavine, gained momentum this session, passing the Senate in April and reaching the Assembly floor. As of Friday afternoon, the bill had not cleared the chamber.
The New York Bankers Association has long opposed the measure, arguing it would force lenders to absorb steep renovation costs. As the bill advanced, JPMorgan Chase & Co. renewed its lobbying campaign. Current law lets local authorities seize abandoned buildings, but lenders can halt those efforts by promising repairs — without any requirement to complete them. The bill authorizes lawsuits to obtain title if conditions aren’t corrected within 90 days. In New York City, sponsors estimate at least 2,000 zombie homes exist across the boroughs.