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.

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.

Widespread purchases of single-family homes by institutional investors may be contributing to soaring housing prices and low vacancy rates across the country.