An Act addressing international real estate speculation
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to impose a fee on the purchase price of real estate in Massachusetts when the buyer is a foreign national, or ‘alien purchaser.’ The goal is to address concerns about international real estate speculation and its potential impact on the state’s housing market. The revenue generated from this fee would be deposited into a special fund for affordable housing initiatives. The bill was referred to the Revenue Committee and subsequently concurred by the Senate.
Key provisions
- Imposes a fee on real estate purchases by alien purchasers.
- The fee is applied to the purchase price of the property.
- Revenue generated from the fee will be used for affordable housing.
- The bill targets transactions involving real property interests.
Who is affected
- Foreign national real estate buyers
- Real estate developers
- Massachusetts real estate market
- Affordable housing organizations
Notable changes
- This bill introduces a new mechanism for regulating real estate transactions involving foreign buyers.
- It creates a dedicated fund for affordable housing supported by this fee.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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