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FinCom raises concerns about S.2981’s requirement to dedicate short‑term rental revenue to housing
Summary
Committee members and regional officials warned that Section 10 of S.2981, which would dedicate a percentage of short‑term rental tax revenues to affordable housing, could create structural budget challenges for towns that rely on those revenues for operations. Rachel Orr will draft a report for the Town Administrator.
Members of the Tisbury Finance and Advisory Committee discussed Senate Bill 2981 (Seasonal Community bill) and raised concerns about the effect of Section 10, which would require towns to dedicate a percentage of short‑term rental tax revenue to affordable housing.
Edgartown Town Administrator James Hagerty told the committee that many towns use short‑term rental revenues to balance budgets and that the mandated dedication could create structural imbalances. Senator Julian Cyr described that the bill’s language was still being revised in Ways and Means and that drafts were under discussion. Laura Silbur, representing the Seasonal Community Advisory Committee, said bill language and issues remain in process. The FinCom suggested the Advisory Committee include a municipal representative to highlight local implications; Rachel Orr agreed to draft a report on the matter for Town Administrator Joe LaCivita.
