Introduction of Speculation Tax with entire City Council sponsorship


The NESRI idea to increase Property Transfer and Recordation Taxes on entities that “pool” investor funds to purchase real estate in Baltimore City was expanded by allies of the Baltimore Housing Roundtable to include all housing-for-profit businesses, regardless of investment money source. The tax proposal is expected to raise $20 million annually for the Baltimore Housing Trust Fund, which targets housing assistance to households at 30% of the Area Median Income (AMI) or less. Baltimore’s capital budget alone is limited to $65 million in appropriations annually. All City councilors, including the Council President, sponsored the bill, which was introduced on April 16th. It now awaits a hearing. NESRI drafted the legislation.