Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Policy topic
No spam. Unsubscribe anytime.
Councilor Santana proposes real estate transfer fee to fund affordable housing, exempts first $2 million
Summary
Councilor Santana introduced a petition (Docket 0163) to establish a real estate transfer fee targeting high-value property transfers (2% on amounts above a $2,000,000 exemption) to generate revenue for affordable housing programs and senior property tax relief; sponsors said the fee would not impact most home sellers, opponents warned it could be another tax.
Councilor Andrea Santana introduced Docket 0163, a petition for a special act authorizing a real estate transfer fee targeted at high-value property transfers to finance affordable housing programs and senior property tax relief. Under the proposal, the first $2,000,000 of purchase price would be exempt; transfers above that threshold could be subject to a fee of up to 2 percent, with revenues directed to an affordable housing fund and programs for low-income renters and seniors.
Santana said the fee would focus on high-value transfers and exemptions would protect middle- and lower-income households: "This fee specifically targets high value transfers. It would exempt the first $2,000,000 of the purchase price, making all property transfers less than that amount entirely exempt." Councilor Flynn said he would not support the measure, arguing it could burden sellers who are not wealthy and chill investment. Councilors who support the petition said it is one tool among many to address Boston’s housing affordability crisis.
The council did not vote on the policy; the petition was referred to the Committee of the Whole for hearings and further study. Sponsors and opponents signaled they expect detailed fiscal analyses and legal review at committee.
