July 1, 2026
New York lawmakers have passed a major new law aimed at private and off-market listings, and Governor Kathy Hochul has signed it.
The bill, known as S10274 in the Senate and A10679 in the Assembly, amends New York's real property law to make public marketing the default for most residential listings statewide. Hochul has now signed the bill into law, and policymakers and consumer advocates say New York's move to rein in listings in one of the country's largest housing markets could become a template for other states considering similar regulation.
New York joins a wave of states tackling this issue. New York lawmakers passed the act just five days after Connecticut's governor signed a similar bill, while Illinois and Hawaii are weighing their own measures, Washington adopted the nation's toughest restrictions in March, and Wisconsin became the first state to regulate private listings back in December.
Under the new rule, a listing agent representing a seller or landlord generally has to market the property on an MLS or another platform that is free for consumers and does not require working with a specific brokerage just to see it.
The mechanics are simple in that a listing agent representing a seller or a landlord must publicly market the property on an MLS or a platform that costs the consumer nothing and does not require them to work with the listing brokerage to see it, and the agent also has to share listing information with buyer agents, respond to their inquiries, and make the property available for showings.
No. The bill does not eliminate private listings outright, but it requires sellers and landlords to sign a standardized disclosure form before directing their agent to withhold a listing from public marketing. They just have to formally acknowledge, in writing, that they understand the tradeoffs of keeping their home out of public view before their agent can proceed that way.
The consequences are real. Violations of the rules could come with real consequences, since the Department of State would have the power to suspend or revoke a license or impose a fine of five thousand dollars.
The debate largely comes down to who benefits from listings staying private. Critics argue that private listing systems reduce transparency, limit buyer access, and give larger firms an advantage by keeping inventory inside their own ecosystems, since for large brokerages with deep rosters of agents and clients, private listing networks can be a powerful business advantage, while smaller and independent brokerages may see fewer listings to show their buyers if large firms keep inventory inside their own systems.
Disclaimer: This content is intended for informational and educational purposes only and is not intended to be construed as legal, tax, financial, or insurance advice. Every property and tax situation is unique. Please consult a licensed attorney, CPA, or tax professional regarding your specific circumstances before making any decisions related to property improvements, tax assessments, or real estate transactions. Mohammed M. Rahman is a licensed real estate broker in New York. Contact: Mo@ClosedByMo.com.
