Seed foreign buyer tax on Beacon Hill?
Comment on lead story in the Boston Globe today. What's the best way to seed a coalition to support this? Post your thoughts below and then let's put ideas to vote, like visiting legislators during the Realtors Day on the Hill on June 14, 2017 (as they're not likely to support the idea).
On Beacon Hill, new talk of raising taxes
http://bit.ly/MATaxRECmnt
Can advocates on both sides of this debate find a middle ground by exporting our growing tax burden? How, by imposing a real estate buyer tax on foreign buyers similar to Vancouver where international investors pay 15% on top of the sales price; or Singapore’s model: any investor / non-owner occupant pays a tiered buyer tax.
Significantly, the tax does not come out of the seller's pocket or the developer’s proforma. As such, it taps into Boston / Cambridge's growing international appeal to raise tax revenue, perhaps to increase funding for affordable housing.
Look into the future, and see the consequences if we continue to let #SpeculatorsWithoutBorders drive up prices and extract affordable housing opportunities:
Bill Wendel · Thu 22 Feb 2018 11:36PM
Delighted to see members of the Somerville Housing Hackathon group are discussing the merits of a tax on foreign buyers. Shared this post & links on their Google group:
Have written and tweeted about #SpeculatorsWithoutBorders for several years, and would suggest that policymakers in Singapore agree with Stephanie (Somerville City Councilor). There, foreign buyers (with some exemptions) are taxed at 15% and local investors face a tiered buyer tax.
Selected tweets:
Extracting affordable inventory faster than adding?
https://twitter.com/realestatecafe/status/799635632737746944
Singapore buyer stamp tax policy
https://twitter.com/realestatecafe/status/743539557568811008
Revenue potential on single Penthouse unit in Boston
https://twitter.com/realestatecafe/status/743480258167463937
Foreign buyers in context of our emerging Landlord Nation
https://twitter.com/realestatecafe/status/891972761886892032
Foreign buyers investment up 49%
https://twitter.com/realestatecafe/status/887419055652712448
Search Twitter for:
#SpeculatorsWithoutBorders
http://bit.ly/SpecRETwts
#RECartel (hashtag some use in Canada).
http://bit.ly/RECartelTwts
Bill Wendel
@RealEstateCafe