Nearly 40 states have a real estate transfer fee on luxury home sales to funnel funding into affordable housing and balance the effects of gentrification. According to the Institute for Policy Studies (IPS), Boston could have earned more than $16 million for affordable housing projects, through just two luxury buildings, with such a surcharge.
City Councilor Lydia Edwards and Council President Kim Janey drafted a home rule petition that would give Boston the power to receive about 2% from Boston luxury real estate selling for $2 million or more, but it has sat in the Massachusetts House Committee on Ways and Means since December 2019.
City Councilor Lydia Edwards stated:
“I don’t understand what the holdup is,”
Read more: Bay State Banner