If passed, New York State SB S3060E will impose a 15-20% conveyance tax on 1-5 separate residential property units located in certain areas of New York City, if transferred within two years of the prior transfer of such property.
The bill’s stated purpose is to deter property speculation and flipping in vulnerable neighborhoods. We believe this bill will:
- Decrease (and likely eliminate) lending activity in the affected areas resulting in a loss of business for private lenders
- Decimate recovery of blighted/vacant housing
- Decrease city tax revenue as real estate investors move their business elsewhere
- Hurt local trade jobs that depend on business income from flippers rehabbing properties
The bill is presently tabled with the Senate’s Cities Committee until the Senate is back in session in January of 2020. Our conversations with staff of the bill’s sponsor, Julia Salazar, (D) 18th Senate District, indicate they will continue sponsoring the bill’s passage when the Senate is back in session. The Senate Bill also has a companion bill in the New York State Assembly, AB A5375A.
Although the bill is not yet a shoe-in to pass, early conversations with the New York State Association of REALTORS (also in opposition to the bill) point to it being a possibility despite the bill’s extreme measures.
How you can help
1. Sign our petition opposing NY SB S3060E.
2. Attend our Legislative Town Hall on Wednesday, August 21 at 1:30 CST to voice your thoughts on this bill.
3. Sign up for our legislative update emails for information on upcoming opposition efforts, including committee hearings, meetings with legislators, and more.
4. Contact these legislators by phone, email and letter. [Download a sample letter.]
Senator Julia Salazar (D) 18th Senate District, Bill Sponsor
Senator Alessandra Biaggi (D) 34th Senate District, Bill Co-Sponsor
Senator Andrew J. Lanza (R, Minority Whip) 24th Senate District, Cities Committee Ranking Member
Senator Robert Jackson (D) 31st Senate District, Bill Co-Sponsor and Cities Committee Chair
Senator James Sanders Jr. (D) 10th Senate District, Bill Co-Sponsor
Senator Zellnor Myrie (D) 20th Senate District, Bill Co-Sponsor
Assemblymember Carl E. Heastie (D, Speaker) 83rd Assembly District
Assemblymember Crystal D. Peoples-Stokes (D, Majority Leader) 141st Assembly District