Cambridge City
MA

Policy Order
POR 2017 #229
ORDER ADOPTED
Sep 18, 2017 5:30 PM

City Council support of H.3512 in the Massachusetts Legislature, allowing Massachusetts to obtain a fee on large real estate transactions that will be put towards affordable housing endeavors.

Information

Department:City Clerk's Office, NMSponsors:Councillor Nadeem A. Mazen, Vice Mayor Jan Devereux, Councillor Dennis J. Carlone
Category:Policy Order

Attachments

  1. Printout

Body

WHEREAS:

Expanding the ability to provide affordable housing throughout the state of Massachusetts is an urgent goal; and

 

 

WHEREAS:

Many high-end commercial and luxury residential real estate developers are coming to build in Massachusetts; and

 

 

WHEREAS:

The Massachusetts Legislature introduced a bill that would apply a fee to real estate transactions larger than $2.5 million statewide; and

 

 

WHERAS:

Transactions of more than $25 million would pay a fee of 1.25% of the transaction value, more than $50 million would incur a 1.5% fee, and over $100 million would incur a 2% fee; and

 

 

WHERAS:

This bill intends to allow for the acquisition of some of the value that is created in those markets and give cities and towns more funding to both expand and protect affordable housing; now therefore be it

 

 

ORDERED:

That the City Council go on record in support of H.3512 in the Massachusetts Legislature, allowing Massachusetts to obtain a fee on large real estate transactions that will be put towards affordable housing endeavors; and be it further

 

 

ORDERED:

That the City Clerk be and hereby is requested to forward suitably engrossed copies of this resolution to the elected Cambridge Legislative Delegation in the Massachusetts House and Senate, as well as House Speaker Robert DeLeo and Senate President Stanley Rosenberg on behalf of the entire City Council.

 

Meeting History

Sep 11, 2017 5:30 PM Video City Council Regular Meeting
draft Draft
RESULT:CHARTER RIGHTNext: 9/18/2017 5:30 PM
Sep 18, 2017 5:30 PM Video City Council Regular Meeting
draft Draft

COUNCILLOR TOOMEY RECORDED AS PRESENT

RESULT:ORDER ADOPTED