Despite the significant amount of negative publicity generated due to the use of vacation rental sites such as Airbnb and VRBO, short-term rentals continue to be a significant problem in the city of New York. New laws designed to curtail such rentals have worked to a limited extent, but have not come close to stopping this illegal activity altogether.» Read More

A transfer fee, or “flip tax” as it is commonly called, is a revenue-producing measure utilized by many cooperative buildings.  Typically, an owner pays a flip-tax fee to the building upon the sale of his or her unit.  A flip tax allows the cooperative to generate extra income for the building, enhancing the reserve fund and alleviating annual maintenance and operations costs, without raising maintenance or imposing special assessments upon current owners.» Read More