Attention all New York Real Estate Investors
New York State Senate Bill S3060e is currently being proposed and if you’re a real estate investor or lender this will hurt us all. Please read below and share this page with your partners, clients and colleagues.
If passed, the bill will Incorporate an additional 20% tax on properties sold within one year and 15% tax on properties sold after one year but less than two years after purchase in an effort deter property speculation and flipping in vulnerable neighborhoods.
The sponsors of this bill state that it is to deter property speculation and flipping in vulnerable neighborhoods. This could negatively affect lending activity for private lenders, aggressively decrease the recovery of blighted/vacant houses and lessen city tax revenue as real estate investors move to other more profitable real estate areas.
The Senate’s Cities Committee is scheduled to be back in session in January of 2020.
What you can do
SIGN THE PETITION
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