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Lawmakers debate taxing high-end property sales to fund supportive housing
Summary
Members debated a proposal to impose higher taxes on sales of properties priced between $6 million and $10 million and to dedicate a share of revenue to a supportive-housing fund.
Lawmakers on the floor debated a measure that would raise taxes on certain high-value property sales and direct part of the revenue to a supportive-housing fund meant to expand housing resources for vulnerable residents.
The proposal discussed on the floor would impose greater taxes on sales of properties in the $6 million-to-$10 million range; supporters said proceeds would seed a special fund for supportive housing. One supporter described dedicating a percentage or a set amount to a new fund — referenced during floor remarks as “8% or $10 million” — to finance supportive-housing projects and services.
Why it matters: Supporters argued the revenue would help expand supportive housing and protect the social safety net amid concerns about nonprofit funding and housing needs. Opponents warned about tax impacts on local homeowners and investors and urged care in differentiating outside buyers from local residents who have invested lifetime savings.
What lawmakers said: Representative Balati spoke in strong support, saying the measure would create a special fund for supportive housing and that “now more than ever” the state needs tools to finance supportive-housing capacity. Several other members — including Representatives Peruso and Souza — voiced support and asked that their remarks be entered in the record. Representative Alcos expressed reservations, saying higher taxes can also fall on local families who invested in property.
Details recorded on the floor: supporters emphasized the fund’s purpose to finance supportive housing and cited an intended allocation phrased during remarks as “8% or $10 million.” Critics urged clearer targeting to avoid imposing higher burdens on local homeowners rather than outside investors.
Where it stands: The bill was discussed during committee-report consideration and attracted floor debate but was not passed into law during this session; one related recommittal motion was adopted on the floor sending an amended bill back to committee for further review.
Ending: Lawmakers agreed the issue merits more committee review; the bill will return to the assigned committee(s) for further work and potential amendments.
