GPAR Opposes Higher Realty Transfer Tax
Mayor Parker has released a plan to create and preserve 30,000 Philadelphia housing units. The H.O.M.E. Initiative aims to increase housing inventory and affordability. However, the proposal comes with a steep $2B price tag, including an 800 million-dollar bond issuance.
To offset costs of the proposal, City Council is expected to vote on a bill that would raise Philadelphia’s Realty Transfer Tax (RTT). Bill No. 250211, calls for increasing the RTT from 3.278% to 3.578%. Increases to this regressive tax directly impedes access to the city’s most affordable housing, restricts opportunity to build generational wealth, and disincentivizes commercial investment in Philadelphia. GPAR urges the Administration and Councilmembers to VOTE NO on Bill No. 250211 and to pursue alternative revenue sources.
GPAR is actively engaging with councilmembers and the administration to effectively advocate on behalf of our membership and consumers. Please look out for additional communications from GPAR on this situation.
To learn more about GPAR’s position on the proposed Realty Transfer Tax increase, please review our position paper below.
This report is submitted by Lexy McDowell GPAR’s Director of Government Affairs and Public Policy.