The research found that a 2% tax on last year's real estate sales would have produced a loss of nearly 60 cents on every dollar collected in what the report called 'a dramatic inefficiency in the proposals put forward by Boston and other communities.'
Mike Edward, GBREB chairman, stated new taxes won't work for the housing crisis and the focus should be on solutions promoting new housing, reducing red tape, and ensuring a stronger housing future.
The report found that for every one percentage point increase in the transfer tax, sales declined by 7% or 8%, showing significant negative impacts, even in thriving communities.
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