Take Action Now

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.

Active Petitions

Petition to Oppose AB 1771 California Housing Speculation Act

If passed, the AB 1771 “California Housing Speculation Act” will: 

  • Place an additional capital gains tax on nearly all residential properties sold within 7 years of initial purchase, with the greatest penalty of 25% tax placed on properties sold within 3 years.
  • Include nearly all property owners who realize gain by making improvements to the residence.
  • Include nearly all homeowners and their owner-occupied residences, including their primary residence.

More information from AAPL: CA Flip Tax (includes sample objection letter for download)

Petition to Oppose State of New York Assembly Bill A1420 / Senate Bill S1061

If passed, NY AB1420 / S1061 will require licensing to make or solicit loans of $500,000 or less to businesses located in New York for the purpose of assisting the business with its capital needs. This bill had no activity after its 2021 introduction but on 3/17/2022 was amended and recommitted to the Bank Committee. Please stay tuned as we research this development.

The bill’s stated purpose is to require anyone making or soliciting commercial financing products to obtain a license. We believe this bill will:

  • Lower the capital deployed into the New York economy as Private Lenders choose to lend their money elsewhere.
  • Dramatically increase interest rates for commercial loan borrowers due to private lenders’ higher operating costs and fewer private lenders competing in the New York market.
  • Decimate the inventory of affordable housing as commercial borrowers intentionally avoid smaller balance loan transactions due to the lack of capital available and the higher cost of borrowing.
  • Hurt local trade jobs that depend on business income from commercial borrowers.

More information from AAPL:

Closed Petitions

If passed, “Responsibly Funding our Priorities” Legislation (“RFOP”) Section 138312 will: 

  • Prohibit almost all self-directed IRA investments in private real estate debt and equity while creating no new tax revenue.
  • Force current self-directed IRA investors in mortgage funds or private trust deed investments to liquidate their positions within two years. The law has no carve-outs for redemption requirements of the offering documents.
  • Force many high-income earners to take distributions from their IRA accounts well before retirement, dissuading the use of IRA investments altogether.

More information from AAPL: Save Reg D: Proposed Federal Tax Bill Will Devastate Private Lenders, Funds, & Capital Investors (includes sample objection letter for download)

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

More information from AAPL: