Massachusetts Governor Charlie Baker has proposed hiking the state’s real estate transfer fee by 50% to fund climate resiliency projects.
The plan would raise more than $1 billion in the next decade for projects to make cities and towns more resilient to the effects of climate change. The popular Republican governor’s plan has encountered resistance from real estate industry leaders and trade groups.
Baker’s plan would add nearly $1,200 in taxes to the sale of a $500,000 home, with the costs paid by the seller. The increase would raise from $130 million to $150 million annually toward a Global Warming Solutions Trust Fund that cities and towns could tap through grants, loans, and other means for local projects.
Baker said that there is no other program that will raise the funds needed to deal with the intensity and frequency of storms as the effects of climate change increase.
Related Stories
Codes and Standards | Dec 5, 2019
USGBC unveils vision for LEED Positive
Roadmap will lay foundation for a future LEED that is regenerative.
Codes and Standards | Dec 5, 2019
Report shows reducing embodied carbon can save money and help mitigate climate change
Embodied carbon now accounts for 11% of global greenhouse gas emissions.
Codes and Standards | Dec 5, 2019
Dubai, London and New York are 2019’s ‘Construction Mega Cities’
From 2007 to 2025, GlobalData expects the cities’ combined gross domestic product (GDP) to increase by more than US$8 trillion to US$20.4 trillion.
Codes and Standards | Dec 2, 2019
New GBCI certification recognizes expertise in sustainability
Provides third-party verification of competency to ‘making the world more economically, socially, and environmentally sustainable.’
Codes and Standards | Dec 2, 2019
New tool allows users to learn how to reduce embodied carbon
Calculator delivers first digitized EPDs.
Codes and Standards | Dec 2, 2019
Trade group challenges St. Petersburg, Fla., ordinance on construction contract mandates
Legality of requirement to hire apprentices, disadvantaged workers at issue.
Building Owners | Dec 2, 2019
What building owners and AEC teams need to know about New York’s Climate Mobilization Act
On April 18, 2019, the New York City Council passed the Climate Mobilization Act, a suite of laws aimed to meet the city’s commitment to achieving carbon neutrality by 2050.
Codes and Standards | Nov 26, 2019
Updated ASHRAE standards focused on ventilation design, air quality in residential applications
Standard 62.1 and 62.2 updates provide new tables of ventilation rates per unit area.
Codes and Standards | Nov 25, 2019
Real estate professionals say coworking is not a flash in the pan
More than 60% say coworking space is in their portfolios.
Codes and Standards | Nov 22, 2019
Utility’s proposal threatens California’s rooftop solar mandate
Would allow customers to use solar farms instead of installing their own PVs.
