WeVote
Log In

Bill

Bill

S 5651

Prohibits the acquisition of real property by foreign countries and entities of particular concern

2025 Regular Session Introduced by Jake Ashby and 2 co-sponsors

Prohibits foreign governments and entities of particular concern from acquiring real property in New York, impacting buyers, brokers, and property deals.

REFERRED TO JUDICIARY
0
WeVote Research Nonpartisan
Bill Summary · S 5651

Summary of S 5651: Prohibits the Acquisition of Real Property by Foreign Countries and Entities of Particular Concern

Overview

S 5651 is a New York State Senate bill introduced on February 26, 2025, and currently referred to the Senate Judiciary Committee. The bill’s stated purpose is to prohibit the acquisition of real property within the state by foreign countries and by entities designated as “entities of particular concern.” The sponsor is Senator Jake Ashby (primary), with Senators Alexis Weik and Pamela Helming listed as cosponsors. A companion measure exists in the Assembly (A 1452), and there is a related prior-session Senate bill (S 6522).

What the bill would do

  • Prohibition on real estate purchases: The bill would bar foreign countries and entities of particular concern from acquiring real property in New York State.
  • Scope of real property: The text would define what constitutes “real property” for purposes of the prohibition (e.g., land and improvements thereon). Specific definitions would be provided in the bill.
  • Entities of particular concern: The bill would designate criteria or lists to identify which entities fall into the category of “entities of particular concern.” The exact criteria would be specified in the legislation.
  • Enforcement, penalties, and exemptions: The bill would establish enforcement mechanisms and potential penalties for violations, along with any exemptions or safe harbors as defined in the statute. (The exact provisions are not provided in the summary.)

Who would be affected

  • Foreign governments and foreign entities meeting the designation of “entities of particular concern” would be prohibited from acquiring real property in New York.
  • Real estate developers, purchasers, brokers, and other parties involved in property transactions could be subject to compliance requirements, reporting, and potential penalties if transactions violate the prohibition.

Procedural and timeline aspects

  • Introduced: February 26, 2025.
  • Status: Referred to Senate Judiciary on February 26, 2025 (listed twice in the provided actions).
  • Related legislation:
    • S 6522 (prior-session bill with a similar aim).
    • A 1452 (companion bill in the Assembly; listed as companion in two entries).

Potential impact and considerations

  • National security and strategic considerations: The bill aims to address concerns about foreign influence or control over land and critical assets within the state.
  • Economic and market effects: Could affect foreign investment in New York real estate, influence property transactions, and impose compliance costs on buyers and brokers.
  • Legislative trajectory: As a Judiciary referral, advancement would depend on committee consideration and subsequent floor votes; the existence of companion and related bills may coordinate cross-chamber advocacy.

Note: The summary reflects information provided for S 5651. The actual bill text would provide precise definitions, conditions, enforcement mechanisms, penalties, exemptions, and effective dates.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.