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The Chamber submitted testimony to oppose H.2942, An Act authorizing the city of Boston to fund affordable housing through a fee on certain real estate transfers, offered by Representative Honan. In contrast to its stated intent of helping to create affordable housing in the City of Boston, this proposal, by applying additional fees to the sale of real property, will increase the already high costs of housing and commercial space.
The sale of many multi-unit residential and commercial buildings will exceed the proposed $2 million threshold and would be subject to the proposed two percent fee. In residential buildings, this fee will be passed on to tenants. Low-income and middle-income renters are already substantially cost burdened and any additional fees will exacerbate this issue.
Furthermore, because this fee will also apply to commercial property it will increase the already high costs of doing business in Boston. Building additional costs into the city’s real estate market that do not exist in neighboring municipalities risks reducing Boston’s competitiveness in attracting residents and businesses. Boston already has the fourth highest housing costs of the 25 largest US metro areas and commercial asking rents in Boston have also surpassed pre-pandemic levels. [1]
[1] 2019 American Community Survey 5-Year Estimates; CBRE Group, Inc, Q3 2021
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Brian O’Connor
Government Affairs Manager
[email protected]617-557-7316
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