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

The bill enacts the "teardown tax act," imposing a dwelling unit removal surcharge on the conversion of multiple dwelling units into single-family dwellings in New York City. The surcharge is set at $50,000 per dwelling unit existing prior to the conversion, excluding the single unit to be retained. The surcharge must be paid before a new or amended certificate of occupancy is issued. All revenues generated by the surcharge will be transferred to the Landmarks Preservation Commission to administer grants under its historic preservation grant program.

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

The bill enacts the "teardown tax act," imposing a dwelling unit removal surcharge on the conversion of multiple dwelling units into single-family dwellings in New York City. The surcharge is set at $50,000 per dwelling unit existing prior to the conversion, excluding the single unit to be retained. The surcharge must be paid before a new or amended certificate of occupancy is issued. All revenues generated by the surcharge will be transferred to the Landmarks Preservation Commission to administer grants under its historic preservation grant program.