2% on $2 million
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2% on $2 million
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About this listen
As Boston Mayor Michelle Wu continues to look for ways to generate revenue for affordable housing, she has signed a bill imposing a 2% fee on high-ticket real estate sales exceeding $2 million. Mayor Wu outlined that this is the fourth time the city has petitioned the state legislature for permission to impose such a fee, and it would have already generated $160 million had it been adopted the first time. Greg Vasil, CEO of the Greater Boston Real Estate Board, is opposed to transfer taxes and says they really don't work. Vasil joined Dan to explain.
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