Boston Real Estate Board readies campaign against transfer fees

One of the state’s largest real estate trade groups is taking aim at a Healey administration proposal to allow cities and towns to tax sales of high-dollar homes and commercial real estate. The Greater Boston Real Estate Board on Wednesday announced a “multifaceted digital and grassroots activation campaign” to urge state lawmakers to reject a proposal in Governor Maura Healey’s housing bond bill that would enable communities to assess a tax of between 0.5 percent and 2 percent on real estate transactions of $1 million or more. The measure, which is designed to fund affordable housing, has the support of housing and some business groups, as well as a number of municipalities around the state, and could raise millions of dollars a year in larger communities with more sales, according to state estimates. But GBREB, which represents developers and landlords in and around Boston, contends it would raise housing costs, without providing reliable streams of revenue. “Increasing housing costs during an affordability crisis makes zero sense and we need to broadcast that message loud and clear, so legislators are keenly aware,” said GBREB CEO Greg Vasil. “Massachusetts must set deeply flawed policies like transfer taxes aside because they do not provide reliable funding to produce housing units as they are not stable and guaranteed revenue streams.” GBREB did not say how much it plans to spend on the campaign, which would include online advertising, text messages, and “patch through phone calls” to legislators. Healey’s $4 billion housing bill is currently in the House of Representatives, where Speaker Ron Mariano has signaled an openness to the transfer tax proposal.