“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.

The decision to move during the coronavirus pandemic is personal and can be influenced by many factors and the removal companies are one of them.

While moving companies are implementing safety measures, you may not be comfortable following through with your relocation at this time. If you have flexibility with your move date and you are concerned about exposure, or are part of a high-risk group, consider postponing.

If changing your move date isn’t an option, appoint a family member or friend, not in a high-risk group, to oversee the move on your behalf. Movers are considered to provide an essential service during the COVID-19 pandemic.

Move dates often correlate with a home sale closing, lease ending, or a new job start date and, therefore, are not easily changed. It’s important for each state to keep Moving Companies open as essential businesses so consumers can proceed with relocation plans.

Currently, most moving companies across the nation remain fully operational with few restrictions.It’s important to note, the closure of businesses varies by state, so do your research to ensure the company you plan to work with is still in operation.

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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