Believe it or not, Boston is in the thick of a housing crisis….an affordable housing crisis. To remedy this, Boston City councilors have proposed some new taxes and fees on high-end real estate deals to help pay for more affordable housing. City Councilor Lydia Edwards is the new plan’s lead sponsor along with Councilor Kim Janey. It’s believed that this home rule petition could generate as much at $168 million a year for affordable housing.
The city council will vote on legislation to authorize a 2% real estate transfer fee on sales over $2 million. Revenues generated would be dedicated to affordable housing. This important vote will take place on Wednesday, December 11th between 12-2pm.
This proposal was filed back in January of 2019. If the proposal is approved by the council, it would have to be signed by Mayor Marty Walsh and then sent to Beacon Hill as a home rule petition.
This process is going to be long and most likely controversial. Developers and real estate groups will most likely be opposed to the proposal too.
This will be one to watch.