Bloomberg, May 6, 2024, Massachusetts Eyes Mansion Tax To Fund Affordable Housing
Governor Maura Healey’s $4 billion housing bond bill, the state’s biggest-ever investment in its residential stock, includes a provision allowing cities to impose a transfer fee of 0.5% to 2% on property sales exceeding $1 million. The revenue generated would go toward affordable housing projects.
The initiative, which mirrors a measure recently spurned by Chicago voters, has sparked a debate among local governments, housing advocates and critics who fear it may squeeze home sales and further burden property developers who are grappling with record office vacancy rates.
