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A 10999 New York Assembly · 2025 Regular Session

Enacts the "teardown tax act"

Summary
Enacts the "teardown tax act"; establishes a dwelling unit removal surcharge on the conversion of multiple dwelling units into single-family dwellings in the city of New York.
Issues: ✗ Budget & TaxesOpposes Budget & TaxesBill introduces a new surcharge on dwelling removal, increasing taxes on housing market activities and restricting fiscal flexibility.95% confidence ✗ HousingOpposes HousingThe bill imposes a surcharge on removing dwelling units, which discourages demolition and limits the supply of housing units, thereby restricting housing development and availability.90% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2026
Committee Review
Floor Vote
Governor
Introduced Apr 15, 2026 Last action May 12, 2026
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What changed between versions

A10999 → A10999A · 4 edits
MODERATE
The bill was amended to shift the 'teardown tax' from applying to demolitions and alterations to specifically targeting the conversion of multi-family buildings into single-family homes. The surcharge amount was increased from $10,000 to $50,000 per unit, and the trigger for the fee changed from a demolition permit to a new or amended certificate of occupancy.
Scope change
The bill's scope was narrowed to apply only to the conversion of multiple dwellings into single-family dwellings, removing the previous requirement that the building be demolished or altered to remove units.
ELIGIBILITY

The tax now applies only when a multi-family building is converted into a single-family home, rather than when any dwelling unit is removed via demolition or alteration.

REQUIREMENT

The trigger for the tax changed from the issuance of a demolition or alteration permit to the issuance of a new or amended certificate of occupancy.

A new provision was added granting the department the explicit power to create rules and procedures to enforce the new conversion-based tax.

FISCAL

The surcharge fee was increased from $10,000 to $50,000 for each unit converted.

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
3
Key actions
2
Committee
1
Amendments
2
May 12, 2026
Lower · Passed
PRINT NUMBER 10999A
lower
May 12, 2026
Lower · Passed
AMEND AND RECOMMIT TO CITIES
lower
Apr 15, 2026
Committee
REFERRED TO CITIES
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Grace Lee
Grace Lee
DDemocratic
NY
65