A tax on luxury property sales is stalled in the state legislature, causing the city to miss out on millions in potential tax revenue.
A report from the Institute for Policy Studies assesses the tax revenue lost by Boston due to the state legislature’s failure to implement a new residential real estate transfer tax. As Katie Pyzyk reports for Smart Cities Dive, the so-called “mansion tax” must be approved by the state before it can go into effect, and could have generated $19.8 million in revenue for affordable housing programs from sales at six luxury residential buildings, the report found.
“The report cites three primary ‘invisible forces’ disrupting Boston’s housing market: an explosion in short-term rentals, corporate ownership of rental housing and foreign investors.” Meanwhile, more than half of Boston renters are cost-burdened, meaning they spend more than 30 percent of their income on housing.
The luxury property transfer tax was first proposed in 2019, but struck down by the state legislature. “A luxury transfer tax on properties selling for $2 million or more took effect in New York in 2019, and an additional one is imposed on sales of $3 million or more.” Similar proposals in Los Angeles and Chicago would tax property sales above $5 million and $1 million, respectively.
Amtrak Ramping Up Infrastructure Projects
Thanks to federal funding from the 2021 infrastructure act, the agency plans to triple its investment in infrastructure improvements and new routes in the next two years.
Ending Downtown San Francisco’s ‘Doom Loop’
A new public space project offers an ambitious vision—so why is the city implementing it at such a small scale?
Proposal Would Transform L.A.’s ‘Freeway to Nowhere’ Into Park, Housing
A never-completed freeway segment could see new life as a mixed-use development with housing, commercial space, and one of the county’s largest parks.
Report: Bike Lanes Can't Make up for New Roads
If California wants to meet its climate goals, the state must stop funding its myriad road construction and expansion projects.
Minneapolis Affordable Housing Project Largest in 20 Years
The city opened its first large multifamily affordable housing complex in decades, but a recent court ruling against the Minneapolis 2040 rezoning plan could jeopardize future projects.
NYC Mayor Proposes Eliminating Parking Minimums
Mayor Adams wants to stop requiring off-site parking for new buildings to reduce the costs of construction as part of the ‘City of Yes’ package of zoning reforms.
HUD's Office of Policy Development and Research
Mpact: Mobility, Community, Possibility
Lassen County Planning and Building Services
City of San Carlos
National Capital Planning Commission
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.