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North End Waterfront - Councilor Edwards Wants to Tax Real Estate Transfers to Pay for Affordable Housing

North End Waterfront - Councilor Edwards Wants to Tax Real Estate Transfers to Pay for Affordable Housing

Boston City Councilor Lydia Edwards introduced a proposal that would allow for Boston to tax six percent on real estate transactions over $2 million earlier this week. Primary owner-occupied residences would be exempt from the tax.

The councilor believes money generated from this tax could go into creating more affordable housing in the city.

“We are struggling to keep people in our communities,” she said during a public hearing this week.

The proposal also includes a 25 percent tax on properties sold more than once in two years. This would be an effort to discourage flipping houses. “Flipping is not good for any neighborhood. Boston is up for grabs and up for sale. That is not a Boston I will continue to allow,” said Edwards.

updated: 1 week ago