WE'RE BACK IN BOSTON IN SUPPORT OF THE HOUSING BANK
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Read below, the testimony that was submitted from Elle Lash, who is pictured below with other representatives from the Martha's Vineyard community who join us in supporting the Martha's Vineyard Housing Bank.
"I’m here in support of the Housing Bank transfer fee.
As a real estate professional, I’m painfully aware of the lack of workforce and general housing inventory on the Vineyard. This is (and has long been) a significant problem with far-reaching implications. Our efforts thus far to create new housing or preserve existing housing for long-term residents cannot meet the incredible demand.
The median cost of a single-family home is over $1.5 mm on the island, meaning a down payment of $150,000, out of reach for many residents. This so called “affordable real estate” is scarce, often receiving multiple offers that drive up price.
The transfer fee would allow us to create a funding stream that will:
Purchase restrictions on existing properties to assure year-round rental occupancy.
Purchase vacation rental properties and convert to year-round affordable housing.
Provide down payment assistance to help lower- and middle-income families access the existing housing market.
The transfer fee is the mechanism significant enough to provide the solutions to ease the crisis and save the vitality of our community. We’ve seen the Martha’s Vineyard Land Bank use a transfer fee to preserve the island’s natural resources in a profound way. We need the Housing Bank transfer fee in addition to the Land Bank transfer fee – to allow Martha’s Vineyard to insure people preservation along with land preservation!
Increasingly, the hospital, the fire departments, the schools, and multiple essential businesses have a crisis in staffing shortages that impact the island’s economy, safety, and quality of life. Ask any business owner what is the root cause of the hiring challenge, the desperate refrain is housing!
As an island, it’s not as if workers can easily travel from other communities to staff our hospital, fire and police force, and schools. If boats don’t run, essential workers may be unable to staff critical roles.
Contrary to what real estate lobbying groups have said about a housing transfer fee having negative impacts on the market. I’m among many island brokers who support the fee. I note that there are multiple examples to prove that transfer fees are positive for communities and don’t negatively impact real estate sales. You can study our own Martha’s Vineyard Land Bank, a conservation focused transfer fee that would supposedly tank real estate sales. The Island real estate market has continued to thrive and grow after this transfer fee was added in 1986. Communities in Colorado, California and Vermont have successfully implemented transfer fees to fund affordable housing solutions.
The high-end Buyers I work with (who would be most affected by a Housing Bank transfer fee) understand that this type of fee preserves what they treasure about the Island, the community. They understand that land and community preservation adds value to their real estate investment.
This transfer fee is your opportunity to give life support to our island community, please help pass this important legislation"
If you would like to support the Marthas Vineyard Housing Bank click here to sign up and for more information