A 8770: Requires sellers of new residential construction to inform buyers of any price increase caused by tariffs on building materials.

  
  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.