Brooklyn, NY – Council Member Nurse recently reintroduced Resolution 326 in support of Senator Salazar’s End Toxic Home Flipping Act (S.574/A.342), and members of the NYC Council Black Caucus sent a letter to Governor Kathy Hochul urging her to support the bill.  

The End Toxic Home Flipping Act would impose a tax on residential properties that are bought and resold within two years in New York City. Currently, wealthy investors are quickly purchasing and then reselling homes in our communities, driving up the cost of houses and rent, and pricing out long-term residents. This toxic practice makes it impossible for everyday New Yorkers to afford homeownership. Black neighborhoods in particular, including communities like East New York and Bed-Stuy, are hit the hardest. In the last two decades, 200,000 Black New Yorkers left New York City due to rising housing costs.  

State Senator Julia Salazar released the following statement: 

"Wealthy and corporate investors are buying up homes, usually in historically marginalized neighborhoods, and flipping them for quick, huge profits. It’s a toxic practice that is driving up the cost of homes and rent, pricing out long-term residents, and harming too many Black homeowning communities. Families and homeowners deserve to live in their communities without the fear of being displaced – they deserve the End Toxic Home Flipping Act. Thank you Council Member Nurse and the NYC Council Black Caucus for supporting this legislation.” 

Council Member Sandy Nurse released the following statement: 

“We cannot stand by while harmful, speculative home flipping accelerates the disappearance of our Black communities. As a city, we have a responsibility to protect Black families, especially senior homeowners facing relentless pressure and first-time buyers locked out of an increasingly all-cash market. Our neighborhoods should not be commodities for quick profit. I was proud to stand with members of the New York City Black Caucus in urging Governor Hochul to support and ultimately sign the legislation this session, for the protection of our generational wealth and long term prosperity of the Black community in NYC.”