I was a coop buyer!

The flip tax deterred me from buying a coop. I understand most coop in NYC has flip tax and keep their maintenance fee low. However, many coop has insane flip tax, 10% of total sale price, 25% of profit are not uncommon. I understand long term coop residents who support flip tax. They never planning on leaving the coop, and never have to worry about resale or flip tax. For young people looking to buy their starter home and sell when they have kids, coop suppose to be the only affordable option in NYC, With flip tax, this option is gone.

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