From the Morning Memo:

Democratic Sen. Mike Gianaris this week is backing legislation meant to prohibit benefitting from insider government information that could lead to a lucrative real estate deal.

The legislation comes after reports of Amazon employees purchasing properties in Long Island City prior to the company’s announcement it would build its second headquarters there, along with a location in north Virginia.

The bill being introduced by Gianaris would make it a felony for insider dealing when it comes to using non-public government information to buy or sell real estate.

The measure is the latest provision to be called for following the announcement last month Amazon’s headquarters would be built in Queens as part of a landmark economic development agreement with the state.

Gianaris, a Queens Democrat and the incoming deputy majority leader, is a prominent critic of Amazon receiving billions of dollars in tax breaks in exchange for bringing up to 25,000 jobs in the next several decades.

The jobs are expected to pay on average $150,000 — leading some to fear the move will only further stoke an affordability crisis in the New York City real estate market.

“Trading on insider information is illegal with securities and should be illegal with real estate,” Gianaris said. “No one should be cashing in on confidential inside information.”