Real Estate News: Greater Boston Real Estate Board Launches Campaign Against Transfer Fees

The Greater Boston Real Estate Board has launched a campaign to oppose a proposal that would allow cities and towns to levy a fee on some home and commercial property sales. The proposal, part of Governor Maura Healey’s $4 billion bond bill, would impose a fee on properties over $1 million in certain areas.

The real estate board is actively reaching out to voters to rally against the transfer fee, citing concerns about raising transaction costs at a time when they are already high. However, advocates for the proposal argue that it could be a solution to the housing crisis in Massachusetts, providing cities and towns with additional tools to address affordable housing shortages.

The Metropolitan Area Planning Council supports the proposal, stating that it would help increase the housing supply and provide housing for low- to moderate-income renters and buyers. Despite opposition from the real estate board, supporters believe that the transfer fee could generate much-needed revenue for housing projects that the state cannot fully cover.

While there are concerns about the impact of the transfer fee on commercial real estate, supporters believe that the long-term benefits outweigh any short-term challenges. The proposal is currently under review by the House Committee on Ways and Means, with advocates hoping for its passage to address the ongoing housing crisis in Massachusetts.