Enacts the "teardown tax act"

Summary

The bill creates a "dwelling unit removal surcharge" that must be paid before a new or amended certificate of occupancy is issued for any conversion of a multi‑unit building into a single‑family dwelling. The $50,000 fee per existing unit is sent to the Landmarks Preservation Commission to fund historic‑preservation grants, aiming to curb loss of housing and protect historic structures.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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