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.

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.

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.