New York Gov. Kathy Hochul wants to make it more difficult for private equity firms and hedge funds to buy up residential real estate properties in the Empire State. Hochul on Thursday proposed several measures to the state budget that would prevent institutional investors from bidding on homes in the first 75 days that they are listed on the market.

Governor Kathy Hochul is proposing to require institutional investors to wait 75 days to make an offer on one- or two-family homes.

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.

New York Gov. Kathy Hochul is moving to inhibit institutional investors from playing in the housing market sandbox, but the impact of any action may be limited. On Thursday, Hochul proposed several measures to curtail hedge funds and private equity firms from snapping up swaths of homes,

Hochul's priorities for the year include making it harder and less attractive for institutional investors like hedge funds and private equity firms to buy single-family and two-family homes. She hopes to require large investors to wait 75 days before making an offer on such properties and make the homes less lucrative from a tax perspective by banning investors from using programs such as interest and depreciation deductions.