Democrats insist that closing the loophole will be one of their first priorities in the new year. They have proposed holding L.L.C.s to the same limit as corporations, and to count any donations funneled through them toward each stakeholder’s individual limits.

By all appearances, the proposal should sail through. The Democrat-dominated Assembly has voted to close the loophole for years. Mr. Cuomo has said he supports ending it.

But, as always in politics, there is rhetoric and there is reality.

Several people involved with the real estate industry’s political giving said they did not expect the newly Democratic Albany to be entirely hostile to their overtures. Mr. Cuomo has suggested that the Assembly may become less enthusiastic about passing ethics reform without the Senate standing by to squash it.

“I’m not suggesting that it’s a manipulation, but when you know something’s not going to happen anyway, it’s easier to be supportive of it,” the governor said in a recent radio interview.

The same, of course, could be said of Mr. Cuomo. For years, he has professed support for closing the loophole; for years, he blamed Republicans for the effort’s downfall. In the meantime, he has raised far more through L.L.C.s than the entire Senate Republican conference. In 2018 alone, L.L.C.s gave Mr. Cuomo more than $1.9 million.

Democratics denied that their new position in the majority would push the loophole down their agenda.

“Many Democrats have run on the issue,” said Senator Brian P. Kavanagh, a Democrat who has sponsored several unsuccessful bills to close the loophole. “We won, and now we’re going to do it.”