BILL NUMBER: S8722
SPONSOR: WEIK
 
TITLE OF BILL:
An act to amend the real property law, in relation to prohibiting the
sale or lease of certain types of real property in the state to foreign
countries of concern and foreign principals
 
PURPOSE:
To prohibit the sale of lease of specified real property in New York
State to foreign countries of concern or foreign principles.
 
SUMMARY OF PROVISIONS:
Section 1 amends the real property law by adding a new article 17
prohibiting the sale, lease, or transfer of certain real property to
foreign countries of concern and foreign principles. The section defines
key terms, including agricultural and forest property, critical infras-
tructure facilities, military installations, foreign countries of
concern, foreign principles, and real property. It makes it unlawful to
transfer interest in agricultural and forest land or real property
located on or within ten miles of military installations or critical
infrastructure facilities to covered foreign entities. The section
exempts title insurers, title agents, real estate licensees, and settle-
ment providers from liability, authorizes enforcement by the attorney
general through injunctive and declaratory relief, and limits applica-
tion to property acquired after the effective date.
Section 2 provides that the act shall take effect on the thirtieth day
after it becomes law.
 
JUSTIFICATION:
This bill aims at protecting New York's land, food resources, and crit-
ical infrastructure from acquisition or control by foreign countries of
concern and their affiliated entities. Ownership or long-term control of
agricultural land and property near sensitive facilities raises signif-
icant concerns related to security, supply chains, and long-term use of
essential resources. By prohibiting these transactions prospectively,
the bill establishes clear boundaries while avoiding disruption to
existing property interest. The legislation provides clarity to proper-
ty owners and market participants and ensures that future transactions
involving sensitive real property aligns with the states interest.
 
LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
The act shall take effect on the thirtieth day after it becomes law.