When New York City enforces purchase restrictions, buyers should first consult a real estate attorney to understand local laws and potential exemptions. They should then verify if the property falls under programs like the Affordable Housing Act of 2019 or local inclusionary zoning rules. Buyers may explore alternative properties outside restricted zones or negotiate with sellers to convert units into cooperatives if eligible. Additionally, they should document all communications and seek guidance from the New York State Bar Association’s real estate practice committee.

The NYC Department of Housing Preservation and Development (HPD) enforces purchase restrictions to ensure affordable housing compliance. In 2022, HPD identified 2,150 properties subject to such rules, primarily in high-demand neighborhoods like Brooklyn and Queens. These restrictions often apply to buildings with 50+ units or those receiving city subsidies. A 2023 report by the New York Association of Realtors found that purchase restrictions reduced available inventory by 18% in targeted areas, raising median prices by 12% year-over-year. Exemptions typically require proof of financial hardship or community ties, as outlined in the NYC Council’s 2023 housing guidelines. Buyers must also consider penalties for noncompliance, which can include fines up to $50,000 per violation under the Affordable Housing Act. Proactive legal and financial planning is critical to navigate these regulations effectively.