New York Senate Bill S10274

New York 2025-2026 Regular Session

• Introduced: 5/11/26
• Refer: 5/11/26

Caption

Requires timely public advertising or marketing of listed residential properties on platforms accessible to the general public; permits non-public marketing only where the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing.

Summary

S10274, the “Fair and Transparent Real Estate Listings Act,” would amend New York’s real property law to require residential listing agents to publicly advertise or market properties on broadly accessible platforms, including at least one multiple listing service or other public internet platform. The bill is aimed at ensuring that buyers, tenants, and their agents can readily find available homes and rental properties, and it defines public marketing to exclude restricted-access systems that limit visibility to a select group of brokers or consumers. The bill also creates a narrow opt-out process. If a seller or landlord wants to withhold a listing from public marketing, the listing agent must provide a standardized state disclosure form explaining the risks of reduced exposure, fewer offers, and possible negative effects on price and timing. The seller or landlord must sign the form before non-public marketing is allowed, and the listing agent must keep the signed form for at least three years and make it available to the Department of State upon request. The bill further directs the Department of State to issue implementing regulations and publish the disclosure form online.

Impact

The bill would add a new section 443-b to the Real Property Law and would also increase the maximum administrative fine under section 441-c for certain real estate licensee violations from $2,000 to $5,000. It would require brokers and salespersons acting as listing agents for residential property to share information with buyer and tenant representatives, respond to inquiries, make properties available for showing, and publicly market listings unless a valid opt-out is executed. The Department of State would gain rulemaking and enforcement responsibilities, including oversight of the standardized disclosure form and review of retained opt-out documentation. The bill is intended to affect sellers, landlords, listing agents, brokers, and real estate platforms by limiting the use of private or limited-access listing channels for residential properties.

Sentiment

Based on the bill text and the absence of recorded committee transcripts or votes, the measure appears to be framed positively as a fair-housing and market-transparency reform. Its findings emphasize competition, price discovery, and reducing inequities caused by hidden listings, suggesting support for broader public access to housing information. The bill’s structure also indicates an effort to balance that goal with seller and landlord choice through a written opt-out process.

Contention

The main point of contention is likely the tension between transparency and seller or landlord discretion. Supporters would favor mandatory public marketing to prevent off-market or restricted listings from limiting buyer access and potentially worsening discrimination or segregation, while opponents may argue that property owners should be able to choose private marketing strategies and control how widely their property is advertised. Real estate professionals may also object to the compliance burden, disclosure requirements, recordkeeping obligations, and increased penalties, especially because the bill restricts the use of private or limited-access channels unless a formal opt-out is completed.