NY State just dropped a report calling home flippers “toxic” and now they want to slap a 65% tax on anyone who renovates a house and sells it within 2 years. The Pratt Center for Community Development analyzed 10,053 home flips in NYC between 2021 and 2025, framing flipping as destructive. But the report ignores that a significant portion of flipped homes were vacant, boarded up, or in serious disrepair. When investors renovate these properties and bring them back to market, the surrounding block benefits through improved appearance and rising comparable sales. Senate Bill S574 and Assembly Bill A4415, known as the Neighborhood Stability Act, would impose a transfer tax of up to 65% on residential properties sold within two years of purchase. The New York State Association of Realtors has opposed the bill, stating it would eliminate the financial incentive to renovate distressed properties.
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