many co-ops have this . It needs to be voted on, if it is not in your original offering plan than usually there needs to be a vote by two thirds of the share holders to pass any flip tax changes. Board needs to check the prospectus before making this kind of a rule
Not that I know of but I think a de=escalating flip tax is a fair way to impose a flip tax. The flip tax was originally introduced back in the 70's/80's when buildings were converting to dissuade insiders from "flipping."
The longer a shareholder has held their unit, the longer they have contributed to the coop through maintenance and assessments.
Mitchell Hall, Associate Broker
The Corcoran Goup