Imposes a tax on the transfer of certain real property within two years of the prior transfer and provides exemptions.

The bill, known as the "New York state small home anti-speculation act," imposes a tax on the transfer of residential properties with one to five units within two years of the prior transfer. The tax rate is 20% if the transfer occurs within one year and 15% if it occurs between one and two years. Exemptions include transfers to family members, transfers due to financial hardship, and transfers within one year of the property owner's death. Revenues from the tax will fund affordable housing programs in cities with over one million residents.

Imposes a tax on the transfer of certain real property within two years of the prior transfer and provides exemptions.

The bill, known as the "New York state small home anti-speculation act," imposes a tax on the transfer of residential properties with one to five units within two years of the prior transfer. The tax rate is 20% if the transfer occurs within one year and 15% if it occurs between one and two years. Exemptions include transfers to family members, transfers due to financial hardship, and transfers within one year of the property owner's death. Revenues from the tax will fund affordable housing programs in cities with over one million residents.