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

New York Gov. Kathy Hochul on Thursday said she will push for new laws to make it harder for hedge funds to purchase large numbers of single-family homes in the state. In a statement, Hochul said she would propose legislation this year that would require a 75 day waiting period before large investment firms could place bids on

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.

The proposal could make New York a model for increasing home ownership by eliminating incentives for hedge funds, private equity groups and other institutional investors who would have to wait 75 days before making offers on single and two-family homes under the Democratic governor’s plan.

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

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,