Bill > A00342

This bill establishes the "End Toxic Home Flipping Act," which imposes a new tax on the transfer of residential properties (1-3 units) that are sold within two years of their previous sale in New York City. The tax is calculated as a percentage of the difference between the current and previous sales prices: 65% if sold within one year, and 50% if sold between one and two years. The bill provides several exemptions from this tax, including transfers to family members, properties sold due to financial hardship, properties transferred after an owner's death, new housing, properties with minimal price increases, properties transferred through foreclosure or deed in lieu of foreclosure, and properties already exempt from existing real property transfer taxes. The goal appears to be discouraging rapid property speculation and "flipping" by making such transactions financially less attractive. The tax will automatically expire two years after the previous property conveyance, and the law will go into effect 90 days after becoming law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A342