![]() ![]() On a recent walking tour of East New York and Cypress Hills, housing organizer Alexa Sloan and Brooklyn Community Board 5 member Jessica Franco pointed out several flipped homes, many of them coated with a familiar shade of paint. “House flipping exacerbates wealth inequality in our city.” “The practice of house flipping is not harmless,” she said at the forum. Salazar said the measure is necessary to preserve affordable housing in the gentrifying neighborhood. In the case of the Bradford Street home, the $240,000 price difference between the 2018 sale and 2019 resale would incur a $156,000 tax under the proposed measure. The measure specifically targets flippers by pegging the tax to the difference between the purchase and sale price: 65 percent for homes flipped in less than a year and 50 percent for homes resold between one and two years after purchase. Julia Salazar, who represents East New York, would impose heavy taxes on property owners who sell one- to three-family homes within two years of buying them, with some exceptions. The legislation, introduced by Queens Assemblymember Catalina Cruz and State Sen. Scott discussed the local real estate speculation at a forum to educate residents about a bill intended to curb the practice. “It’s increasing prices for the next family that wants to purchase a home if you have a high mortgage, it’s going to increase the rents.” (The stakeholders involved in the Bradford Street sales did not return calls seeking comment). And that’s destabilizing our community,” said East New York Homeowners’ Association Chairperson Albert Scott at an October forum. It is investors that are purchasing homes LLCs that are purchasing homes. But affordable housing advocates and local residents say de Blasio’s plan, approved by the City Council in 2016, only drove more speculators to scoop up homes, jack up prices and push out existing residents. Home prices in the predominantly Black and Latino neighborhood began to tick up before then-Mayor Bill de Blasio announced his plans to rezone 190 blocks of East New York in 2014, analyses showed. It’s an example of the kind of house flipping rampant in East New York, a transit-rich neighborhood with thousands of two- to four-family homes upzoned by the city in 2016. This time, a real estate agent and mortgage broker bought the home from Dee Cee for $670,000-nearly a half million more than the 2018 sale price. In August, the property turned over once again. ![]() Just three days after that waiting period ended, Sasson flipped the home to another entity, a firm called Dee Cee Property Mgmt & Consultants LLC, for $435,000, records show. Under the terms of the contract, the buyer, Sasson Developer LLC, agreed not to resell the property for more than $234,000 until 90 days had passed. Two decades later, in October 2018, Davis’ estate sold the home for $195,000 in cash to a limited liability corporation. Joyce Davis bought the place for $133,000 back in 1998, property records show. The two-family home on East New York’s Bradford Street has changed hands four times in the past three years, tripling in value along the way. ![]()
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