CCB MEDIA PHOTO: State Representative Dylan Fernandes (D).
BARNSTABLE – To help address the housing crisis, elected officials and housing advocates will be holding a press conference Wednesday to discuss a proposal for an estate transfer fee legislation.
The officials will include State Representatives Dylan Fernandes, State Rep. Liz Malia, State Rep. Mike Connolly, Boston City Councilor Lydia Edwards, Somerville Mayor Joe Curtatone, Ken Beaugrand from the Nantucket Realtor Association, and Marc Draisen from the Metropolitan Area Planning Council.
The proposed legislation would allow municipalities to levy a fee of up to 2% on large real estate transactions.
This fee would go towards funding workforce and affordable housing.
If enacted, it is estimated that the Boston area alone would raise $78 million a year on a 2% transfer fee levied on home sales of over $1 million.
Some supporters for the legislation include Boston Tenants Coalition, Cambridge Residents Alliance, Community Action Agency of Somervile, Equitable Arlington, and Progressive Massachusetts.
The conference will be hosted January 8 at 11 am in the Nurses Hall of the Massachusetts State House.
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