New York Gov. Kathy Hochul says she will push for new laws to make it harder for hedge funds to purchase large numbers of single-family homes in the state.

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

The Governor of New York has come under scrutiny for her extensive use of private jets. Kathy Hochul and her campaign reportedly spent over $400,000 on charter flights over the last several years, which critics say seem incongruous with her longstanding position as a climate activist.

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.

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.