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Boston Herald - Boston City Council Shows Early Support for Tax on High-End Developers

Boston Herald - Boston City Council Shows Early Support for Tax on High-End Developers

A proposal to allow the City of Boston to tax high-end real estate developers up to 6 percent through a transfer fee has early support from City Councilors, meaning its passage will likely depend on a signature from Mayor Martin J. Walsh, who has been noncommittal so far.

“We need to make sure that as a city we say that we are not for sale and that our Boston housing market is truly for families, the middle class and folks trying to assure that they can live and work here,” Councilor Lydia Edwards said Wednesday during the City Council’s weekly agenda meeting. She expects passage of the home petition, adding that “the feedback has been overwhelmingly positive.”

The proposal, filed on Monday, officially received a hearing order Wednesday as Edwards and Kim Janey, the two sponsors, laid out the frameworks. The language of the proposal says that owner-occupants would be exempt from the fees.

“Building wealth is important, it’s necessary,” Edwards said when talking about exempting owner-occupants and families who have lived in the buildings before selling. “We’re talking about people who are coming here only to make money and as much as possible regardless of the pain that they make.”

updated: 3 weeks ago