Loomio
Mon 15 May 2017 12:56PM

Seed foreign buyer tax on Beacon Hill?

BW Bill Wendel Public Seen by 479

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:

http://bit.ly/GlobalSpecTax

BW

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