New York lawmakers have given the green light to a one-year freeze on most “in rem” foreclosures until June 30, 2024, following a U.S. Supreme Court ruling.
This measure, which awaits Gov. Kathy Hochul’s approval, responds to incompatibilities between the court ruling and New York’s foreclosure laws, affecting properties with delinquent tax payments.
In New York, tax foreclosures can be triggered when a property owner fails to meet the redemption date for their overdue taxes. Municipal governments can then either initiate foreclosure proceedings and auction the property or arrange for a tax lien sale to a third-party buyer.
Officials said the moratorium is intended to allow lawmakers and policymakers time to adapt New York’s foreclosure laws to comply with the Supreme Court ruling.
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