Flip out? State legislators propose new tax to stifle flipping in NYC (The Real Deal)

Two Brooklyn legislators have proposed a “flip tax” that would increase transfer taxes on certain residential properties that are resold within two years of being purchased. Assembly member Erik Dilan and State Senator Jesse Hamilton have introduced identical bills in committees in the Assembly and Senate, touting the tax as a measure that would discourage the type of flipping they say reduces affordability in the housing stock.

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