Establishes a surcharge on converting multiple dwelling units into single-family dwellings in New York City.

The bill enacts the "teardown tax act" in New York City, imposing a dwelling unit removal surcharge on conversions of multiple dwelling units into single-family dwellings. The surcharge is $50,000 per lawful existing dwelling unit, excluding the single unit post-conversion. The Department of Buildings must determine if the surcharge applies before issuing a new certificate of occupancy. All surcharge revenues go to the city's Landmarks Preservation Commission.

Establishes a surcharge on converting multiple dwelling units into single-family dwellings in New York City.

The bill enacts the "teardown tax act" in New York City, imposing a dwelling unit removal surcharge on conversions of multiple dwelling units into single-family dwellings. The surcharge is $50,000 per lawful existing dwelling unit, excluding the single unit post-conversion. The Department of Buildings must determine if the surcharge applies before issuing a new certificate of occupancy. All surcharge revenues go to the city's Landmarks Preservation Commission.