Institutional investors would face new restrictions on buying housing units in New York state under a proposal that Gov. Kathy Hochul aims to pass in the state budget due April 1.

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

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.