“Flip Tax” Threat Defeated

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.

Mark Weprin news release re “Flip Tax”

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