Imposes an excise tax on hedge funds owning excess single-family residences and establishes a housing down payment trust fund.

New York A01818 imposes an excise tax on hedge funds owning excess single-family residences, defined as those exceeding a certain threshold. The tax is equal to 50% of the fair market value of each excess residence. Revenues from this tax are deposited into the housing down payment trust fund, which provides funds to state housing finance agencies for down payment assistance programs. These programs prioritize families seeking to purchase homes sold by hedge funds subject to the tax.

Imposes an excise tax on hedge funds owning excess single-family residences and establishes a housing down payment trust fund.

New York A01818 imposes an excise tax on hedge funds owning excess single-family residences, defined as those exceeding a certain threshold. The tax is equal to 50% of the fair market value of each excess residence. Revenues from this tax are deposited into the housing down payment trust fund, which provides funds to state housing finance agencies for down payment assistance programs. These programs prioritize families seeking to purchase homes sold by hedge funds subject to the tax.