Flip tax essential for most middle-class NYC co-ops

This proposed rule would effectively bar the use of the Flip Tax. In New York State, where I serve on the board of a pre-war, middle-class co-op building, the Flip Tax is used to build up reserve funds in order to make essential repairs to aging housing stock; repairs that would otherwise necessitate possibly unaffordable assessments to shareholders. The Flip Tax is not used as a way to make a quick buck in New York: rather, it is one of the few ways to maintain older buildings without placing undue financial burdens on middle-class shareholders.

Jenny Dubnau
Jackson Heights, NY

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