NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8770 Revised 06/04/25
SPONSOR: Rosenthal TITLE OF BILL:
An act to amend the general business law, in relation to requiring new
residential construction sellers to inform buyers of any price increase
caused by tariffs on building materials
PURPOSE OR GENERAL IDEA OF BILL:
To ensure that New York consumers are informed about the real impact of
federal tariffs on the purchase prices of new residential construction.
SUMMARY OF PROVISIONS:
Section 1 adds a new section 396-sss to the General Business Law.
Section 2 provides the effective date.
JUSTIFICATION:
Housing developers source imported materials, such as lumber, steel,
aluminum,.marble, glass, stone and copper, from a number of countries to
build new homes in New York and the United States. However, earlier this
year, the president imposed universal 10% tariffs on our trading part-
ners, a 30% tariff on Chinese goods and a 50% tariff on steel and alumi-
num. Housing experts and builders have warned that these tariffs will
drive up the cost of building materials, which will hamper housing
production and increase the cost of homes.
A March 2025 survey conducted by the National Association of Home Build-
ers estimates that Trump's tariffs will increase home prices by $10,900.
New York is, of course, not insulated from the consequences of the Trump
Administration's trading decisions; officials and contractors from New
York City, to Long Island to the North Country, and Western New York
have already sounded the alarm on higher costs and then impact on local
housing supply.
Potential homebuyers should know and understand the impacts of Donald
Trump's tariffs on their pocketbooks and the state's housing shortage.
This legislation would require developers and those advertising units to
provide homebuyers with a tariff cost estimate when purchasing a newly
built home.
PRIOR LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS:
None to the state.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
8770
2025-2026 Regular Sessions
IN ASSEMBLY
June 2, 2025
___________
Introduced by M. of A. ROSENTHAL -- read once and referred to the
Committee on Consumer Affairs and Protection
AN ACT to amend the general business law, in relation to requiring new
residential construction sellers to inform buyers of any price
increase caused by tariffs on building materials
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The general business law is amended by adding a new section
2 396-sss to read as follows:
3 § 396-sss. New residential construction cost transparency. 1. For the
4 purposes of this section, (a) "new residential construction" means any
5 residential structure or unit, including single- and multi-family homes
6 and for-sale units within multiple dwellings in which title to the indi-
7 vidual units is transferred to owners under a condominium or cooperative
8 regime, which has been recently constructed and is being listed for sale
9 or sold for the first time. Such terms do not include dwellings
10 constructed solely for lease, mobile homes as defined in section seven
11 hundred twenty-one of this chapter, any house or unit in which the
12 builder has resided or leased continuously for three years or more
13 following the date of completion of construction, as evidenced by a
14 certificate of occupancy, or any house or unit which has previously been
15 sold, unless the purpose of such sale was for resale.
16 (b) "Tariff cost estimate" means an estimate of any increase in the
17 price or prices of a new residential construction resulting directly or
18 indirectly from tariffs imposed by the federal government, including,
19 but not limited to, tariffs on steel, lumber, and other goods used in
20 the manufacturing, construction, or distribution of residential building
21 materials. Such estimate shall include all increases in price attribut-
22 able to the tariffs.
23 2. Any seller or agent advertising for sale or entering into an agree-
24 ment for the sale of new residential construction within this state
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13212-03-5
A. 8770 2
1 shall provide buyers or potential buyers with a tariff cost estimate if
2 the listed or agreed upon selling price of such construction has been
3 increased due to increased costs of building materials caused by tariffs
4 on imports. Such increase shall be clearly indicated in all listings of
5 the construction including community, construction company, agent, and
6 third-party listing websites, fliers, pamphlets, or other literature
7 which contains the price or price estimate of the construction and on
8 any purchase agreements or contracts for the sale of such construction
9 in the form of an itemized price-breakdown, alongside any applicable
10 taxes or fees, or in another manner compliant with this section.
11 § 2. This act shall take effect immediately.
