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Bill

HD 4359

An Act authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing and related capital improvements

194th Legislature (2025-2026) Introduced by Julian Cyr and 1 co-sponsor

Authorizes Nantucket to levy a real estate transfer fee on property sales, directing revenue to affordable and workforce housing development and capital improvements.

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Bill Summary · HD 4359

Legislative bill overview

This bill would grant the town of Nantucket specific authorization to impose a real estate transfer fee on property sales within its jurisdiction. Revenue generated would be dedicated to funding affordable housing, workforce housing development, and related capital improvements. This is a local option bill requiring state-level approval to allow a municipality to implement such a fee.

Why is this important

Nantucket faces severe housing affordability challenges due to high property values and seasonal demand, making it difficult for year-round workers and families to afford homes. A transfer fee could generate substantial revenue for affordable housing without requiring town tax increases, potentially addressing both supply and workforce retention issues. However, such fees can affect property transaction costs and may discourage real estate sales.

Potential points of contention

  • Economic impact on real estate market: Transfer fees increase transaction costs, which could reduce sales volume, lower property values, or be passed to buyers/sellers, potentially affecting market liquidity
  • Regressive effect: The fee may disproportionately burden first-time homebuyers and working families attempting to purchase property, potentially worsening affordability for those it aims to help
  • Revenue predictability and dedication: Economic downturns reduce real estate transactions, creating unstable funding for long-term housing commitments; restrictions on fund usage may limit flexibility in addressing changing housing needs

Compiled from official sources — confirm details with the bill’s official record.

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