Legislation could raise hundreds of millions for affordable housing, deter speculative real estate practices
WHAT: The Boston City Council will hold a hearing TUESDAY, MARCH 19th on housing legislation filed by Councilors Lydia Edwards and Kim Janey to enact a real estate transfer fee on high value, commercial and investor-owned properties. The fee would EXEMPT owner occupants and sales under $2m, conveyances between family members, and allows for additional local exemptions.
A transfer fee of up to 6%, split evenly between buyers and sellers, would generate millions of dollars each year – hundreds of millions of dollars in recent years – for affordable housing to help stabilize communities. All funds would go to the Neighborhood Housing Trust for production of affordable and workforce housing.
The proposal also includes a higher fee on secondary sales, or flipped properties, in an effort to deter practices that destabilize neighborhoods and artificially inflate real estate prices.
Members of the public are encouraged to attend or submit testimony.
WHERE: Iannella Chamber, 5th Floor, Boston City Hall
WHEN: 2:00 p.m., Tuesday, March 19th, 2019
· Boston City Councilors
· Representatives of the Walsh administration
· City Life Vida Urbana, Massachusetts Affordable Housing Alliance, Institute for Policy Studies, Boston Tenant Coalition, Massachusetts Association of Community Development Corporations