Recently proposed federal legislation–intended mainly to protect homebuyers from unscrupulous developers–threatened to devastate the finances of countless New York co-ops & condos by effectively ending transfer fees (commonly called “flip taxes”). Many associations rely on flip taxes as an important source of revenue; this legislation would have proved very costly to countless homeowners.
ACCO joined CNYC, FNYHC & others in calling for this legislation to carve out an exemption for co-ops, condos & HOAs that utilize flip taxes constructively, to maintain infrastructure & build reserve funds. We petitioned lawmakers at the city, state & federal level, & are most gratified by their favorable response.
Among those leading the charge on this issue were Mark Weprin & the New York City Council Co-op Condo Caucus. Weprin–who founded & chairs the Caucus–explains the issue & its resolution in more depth in his news release, below.
ACCO is most appreciative of the leadership shown here by Council Member Weprin & the Caucus. Kudos.