East New York Residents Push for Ban On Housing Flippers

by CrownHeights.info

Residents in the East New York section of Brooklyn have filed a petition to ban housing flippers doing business in their neighborhood, reported The Real Deal.

Housing flippers have caused increased housing prices across the United States, with Crown Heights seeing far reaching effects.

The flippers purchase homes for sale, patch them up with minimal renovations, and flip them for significantly higher prices. These flippers raise the price of housing outside of most peoples abilities, forcing the middle class out of these neighborhoods.

The New York Department of State will hold a hearing on East New York’s cease-and-desist bid on March 5th, and if the designation is granted, East New York homeowners would be allowed to opt into a list restricting home flippers from getting in touch with them, according to The City.

Those who break the law would face fines, criminal charges or the loss of their real estate licenses.

The Department of State has had the authority to grant these cease-and-desist protections to neighborhoods since 1989 but has done it in only three locations across the city. Two in northeastern Queens and one in the northeastern Bronx.

Lawmakers in Albany are also working on a bill that would designate all of Brooklyn as a cease-and-desist zone for five years. State Sen. Kevin Parker is sponsoring the bill, and state Sen. Julia Salazar is co-sponsoring it.