Massachusetts May Lose $1 Billion in Revenue as Wealthy Residents and Others Leave
Recent news articles reveal that high taxes, in addition to high healthcare and housing costs, will likely push wealthy residents to leave Massachusetts for other states, as the Commonwealth stands to lose $1 billion in tax revenue annually by 2030. However, we have heard from working class small business owners who also wish to leave for the same reasons. Included among them are small rental property owners. Some people on the radical fringes may react to this news with misguided satisfaction - as they project a "don't let the door hit you on the way out" attitude. But what they have yet to learn is that many more doors leading to affordable housing and economic opportunity will close on them as well – and with blunt force – when the business community leaves Massachusetts behind. Thus, we are left to wonder whether our state can change direction in time.
This highlights the importance of contacting your state representatives and senators to voice your concerns about the proposed transfer tax, in addition to proposed tenant credit check restrictions and other harmful policy proposals, if you have not done so already. The links to our recent petitions are contained within this paragraph.
We must continue our push to build more housing, along with different types of housing, on a massive scale to increase supply, in order to bring costs down for both owners and renters - while avoiding rent control and other abusive practices amounting to government overreach that have failed in the past.
For more detailed information, you can read the Bloomberg article by Sri Taylor and the Boston Magazine article by Jon Keller, both of which are attached below.
Massachusetts Risks $1 Billion in Lost Tax Revenue as Rich Flee
Also, please remember to support the Small Property Owners Association (SPOA) by donating at www.spoa.com/join. We must protect our tenants, our properties, and our property rights, as we call for reasonable policies that help all stakeholders in housing.
by Amir Shahsavari
