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Our ability to effect the change our industry wants to see begins with your willingness to help us tackle issues in state and federal legislatures. Even as we work on your behalf, it’s no replacement for your own voice. Signing a petition helps us – and legislators – gauge the size of an issue and can change the path of legislation.
If passed, NY SB S3060E will impose a 15-20% conveyance tax on certain 1-5 separate residential property units located in 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
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