As home costs soar, Massachusetts governor unveils $4B proposal to build and preserve housing

FILE - Massachusetts Democratic Gov. Maura Healey talks about a proposed tax relief packages, Tuesday, Sept. 26, 2023, at the Statehouse in Boston. In an effort to grapple with the state’s soaring housing costs, Healey unveiled a sweeping $4 billion bill Wednesday, Oct. 18, 2023, aimed at jumpstarting the creation of new homes and making housing more affordable. BOSTON — As the state grapples with soaring housing costs, Massachusetts Gov.

Most of the spending would go to help moderate and low-income families find homes. The bill also includes more than two dozen new policies or policy changes to streamline the development and preservation of housing. The bill also takes steps to make housing more eco-friendly by repairing, rehabilitating and modernizing the state’s more than 43,000 public housing units, including through the installation of heat pumps and electric appliances in some units.

Among the policy proposals is an initiative that would give cities and towns the option of adopting a real estate transaction fee of 0.5% to 2% on the amount of property sales exceeding $1 million — an initiative projected to affect fewer than 14 percent of residential sales, according to the administration.“Just about every bad idea made it into Gov. Healey’s massive $4.12 billion dollar borrowing plan, except rent control,” said Paul Craney of the Massachusetts Fiscal Alliance.

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