An article to create a Martha’s Vineyard housing bank will go on the town meeting warrant with a negative recommendation from the Edgartown finance committee, after a unanimous vote.
An article to create a Martha’s Vineyard housing bank will go on the town meeting warrant with a negative recommendation from the Edgartown finance committee, after a unanimous vote by the committee this week.
“I want to look at this through a financial lens . . . And I am concerned,” said committee member Leslie Baynes, who led a joint meeting with the selectmen Wednesday, a recording of the meeting shows.
“I think as a committee that we should not vote for this. I think it’s fraught with danger,” Mr. Baynes continued. “I have yet to see the impact on infrastructure Islandwide, and the revenue that’s going to be raised is just astromonical. We are all worried about the housing situation and everywhere you turn, the fingers point to it.”
Finance committees in every Island town annually go through a process of reviewing warrant articles and making recommendations. The recommendations are not binding.
The housing bank article will go on every town meeting warrant this spring, and is aimed at supporting legislation to send to the state legislature. A coalition to create the housing bank is still working on the draft legislation.
Coalition coordinator Laura Silber attended the Wednesday meeting.
The housing bank discussion was brief but pointed, with Mr. Baynes saying he concurred with select board member Margaret Serpa, who dissented last month when the board voted 2-1 to put the article on the warrant.“I think it was put very well by Margaret,” Mr. Baynes said.
Estimates show the largest share of funding for an Islandwide housing bank would come from Edgartown.
Mr. Baynes also raised concerns about what he said would be the creation of a “huge bureacracy.” Modeled after the Martha’s Vineyard Land Bank, the housing bank would include elected commissioners and appointed town advisory boards with the power to spend millions collected from a real estate transfer fee to develop affordable housing projects.
“I have been living here since 1969 and history has shown me that we don’t do too well with regional entities,” Mr. Baynes said.
“Living here all these years I am really concerned. This town has been very good to me and a part of me says that to recommend this at this point in time would be a disservice to the community.”
Committee member Paul Pertile echoed Mr. Baynes.
“I agree with you,” he said. “I too worry about the amount of revenue and what it would do to real estate in town.”
He concluded: “You’re going to have to let the voters decide. That’s the key.”
The vote was unanimous to not recommend the article.
Comments
Well to do older people more
James EdgartownWell to do older people more concerned about real estate values than who will be left to take of them without having housing sad commentary .
Nice to see a few more voices
Bob EdgartownNice to see a few more voices of reason coming out of the woodwork. There is a large silent majority that is against this and they do not have paid people pushing this forward like the housing bank does. We will have a good debate on town floor and when it comes to a vote it should be by Australian ballot. As that is the only way to get a true vote. You can be for affordable housing just against this huge money grab out of peoples pockets.
Instead of creating and
Chris Oak BluffsInstead of creating and additional tax, why not share the current land bank tax with a new housing bank. The land bank is flush, there will be no new tax created and we can begin to solve the islands affordable housing crisis.
Finally some common sense
Mark EdgartownFinally some common sense from town leadership. This will be another money grab to the detriment of Edgartown tax payers. Taxing the retirement nest eggs of seniors and those that have invested in their homes is wrong. Tax and spend can’t be the solution to every issue.
CORRECTED Please make sure at
Philip Cordella Oak BluffsPlease make sure at Town Meeting you ask the Housing Bank to not follow the Land Banks' awful policy of NOT recording its' meetings. I assume this new governmental body will be more transparent than the organization it models itself after. l am Speaking as a citizen and not representing any body or organization.
Sad state of affairs when a
DownislanderSad state of affairs when a bunch of old guys are more concerned with real estate values than housing the labor infrastructure required to keep our economy going. That includes nurses, teachers, retail & restaurant workers, landscapers, carpenters, plumbers, etc. I cant tell you how many rich summer folks complain to me about not being able to find an electrician. Young families cannot afford housing. There is no workforce housing. Greedy slumlords carve out cells in basements, throw mattresses on the floor and rent it for stupid amounts of money. People living in garden sheds and moldy trailers in backyards. And decrying a regional approach is exactly why we HAVEN’T been able to solve this problem. So what if Edgartown would raise the most money? It’s not like the town is losing money on this. Come on. We need to stop thinking inside our town borders for once because this is an island-wide crisis.
The housing bank needs a lot
mike SomewhereThe housing bank needs a lot more thought on how it will work, % fees(too high as proposed), and no sunset clause. To name a few short comings of this proposal. This is an Island - the land will run out. Will fees keep getting collected indefinitely? As I have said numerous times before. It is the States responsibility to its tax paying citizens to provide affordable housing - not local residents. Get State grants - build affordable housing. Why would a local entity tax local residents that are already paying State taxes for this. It just makes no sense.
Mike, while you are correct,
Liz EdgartownMike, while you are correct, this is an Island and land will run out - I don't believe there was any indication that the funds generated by the Housing Bank will go solely to NEW construction ... there are plenty of homes on this Island that could be renovated/ upgraded to new and innovative nitrogen denitrification systems and other green energy upgrades that old homes lack. And while there is affordable housing being built using State grants (cc: IHT), those State grants are designed to address low-income populations (equally as important, don't get me wrong). What this Island lacks, however, is housing for its workforce (i/e teachers, doctors, that fire chief you kicked out last summer), those of which who make around the 100% AMI range, who don't qualify for low-income housing but don't make trillions of dollars to be able to afford anything on the market. (Let alone how difficult it is to just "get" State grants, which are competitive). + All of the above is WHY you have the need and a reason for the Housing Bank to exist in the first place.
Liz,
mike SomewhereLiz,
I am not against housing security or affordable housing. Just who pays for it, and by whose authority. The housing problem on the Island is indeed a problem.
Cheers to the Edgartown
Peter G. Oak BluffsCheers to the Edgartown finance committee for standing up against the Housing Bank proposal. Why are we rushing without doing an in depth, long term
affects study? This is being rushed through since its believed that its at someone else's expense. Don't be blind sided.......................
The long term effects of...
Tom Ellis EdgartownThe long term effects of... islanders living on the island? It looks much like what the island has always looked like, quite opposed to what it currently does and will.
Pathetic comments by the Fin
Islander in Edgartown MVPathetic comments by the Fin Com, classic of the older cohort who care far less about Edgartown with the exception of property values — I am a homeowner and they do NOT speak for me and far more about themselves and their aging population. The lack of confidence in this project while the island drowns for lack of affordable housing solutions is criminal. The out-of-touchness is scary and the island they leave to their children and grandchildren is one that we, as the next generations, will attempt to continue to fix. Do they have solutions? Did selectwoman Serpa? Of course not. Sometimes I wish they faced the difficulties that those who this Housing Bank will help faced. The voters are coming at town meeting and one hopes that this vote by them is one for the record books — just like voting for the former President was, if you did so, what side of history you stood on in the moments of truth.
You are the one that's out of
mike SomewhereYou are the one that's out of touch pal. You should read the comments more carefully. I am not against housing security or affordable housing. Just who pays for it, and by whose authority. This fragile Island is finite too.
Mike, my comment did not
Islander in Edgartown EdgartownMike, my comment did not mention, nor was in reply to you. Unless you happen to sit on my Fin Com, in which case, as I constituent of yours, of would hope for a bit more politesse.
I see reasoned comments here,
Lorraine EdgartownI see reasoned comments here, not NIMBY, but thoughtful comments and suggestions. Remember, also, that Affordable Housing is the Trojan Horse for more and broader development of all price points on the island. We really have overbuilt the island for our systems, in particular, and until we get our wastewater and trash handled correctly, we should put a moratorium on ALL BUILDING ISLAND WIDE. If the proposed Housing Bank wants to regionalize, then we can regionalize on a housing ban until our systems are up and running. Remember, the push for EV's while admirable, is not facing the problem of the grid handling everyone plugging in a vehicle or two or three, per family, and sometimes more. This will be a national problem. We have rolling brownouts and blackouts now without millions of electric vehicles plugged into our power grids. Enough, already. Stop, think, and stop until we solve our problems that we have. We have overbuilt the island now. IMHO but I have been around the world several times and this country many times so I am not speaking without knowledge and experience.
If you actually engage with
Tom Ellis EdgartownIf you actually engage with what the Coalition is talking about, the plan is to keep 75% of the expenditures in already existing housing, not new developments. The goal is to keep housing for islanders.
I feel like there should be a
Liz EdgartownI feel like there should be a consensus that anyone who OWNS a home on this Island is disqualified from casting any opinions on the matter. You should not be entitled to a say of anything if you are sitting comfortably and cozy in your 3-acre property/ home that you bought for $25,000 back in 1965. I would *love* to see anyone who leaves comments like this have to stress about finding a place to live every few months AND THEN saying everything that you just said above. Disgracful.
Hope to see the finance
Jared Vineyard HavenHope to see the finance committees reconsider this before town meetings! We are all living on one island and this island needs housing. The housing bank will undoubtably help that issue.
We need some kind of action
Walker RomanWe need some kind of action here, there will always be a a myriad of reasons to not change course but we all know where that brings us. Take action, build a housing bank.
I am so disappointed by our
Keith Chatinover, Dukes County Commissioner Edgartown residentI am so disappointed by our town’s finance committee. The Housing Bank is absolutely essential to the future financial and economic future of Edgartown and the whole island. Edgartown’s Board of Trade, along with several other Island business orgs, have endorsed it because they know that without affordable housing, our island has no financial future. The finance committee should be listening to them, not debunked talking points.
The housing banks tax on real
Hannah EdgartownThe housing banks tax on real estate would affect people buying homes OVER 1 million dollars. People with homes don’t get it…I am disappointed with the Finance Committees decision. As a young person trying to live in and contribute to this community, it is increasingly hard to do so when you can’t find affordable housing. Trying to start a family or commit to a career on island? Well that’s difficult when you can’t find a stable place to live. Why not even the playing field and allow the members of our island a piece of retribution. I stand with the housing bank. Give us housing!!!!!
I support the Housing Bank
Chip Coblyn OBI support the Housing Bank because small communities like ours can’t afford to keep losing medical staff, town officers, educators or firefighters because they can’t find housing. I attended a public Housing Bank Zoom last week and as I understand it, the fee (not a tax which is applied to all in the community) comes into play only beyond the first million dollars of a home sale. So for a 1.2 million dollar home, the 2% fee is applied to the $200,000 for a total of $4000. It’s not chicken feed, but it’s not onerous either. If I am incorrect, I’m sure someone associated with the initiative will correct the record.
So tired of hearing about
Steve EdgartownSo tired of hearing about "old guys" this, and "old guys" that - why is it that "old guys" should be silenced? Are we not allowed to also have point of view on things that affect our lives?
“Give us Housing”
John Edgartown“Give us Housing”
The above comments from some of the Housing Bank supporters not only shows
a compete lack of understanding in basic economics and capacity….but they are also downright scary. The unintended consequences of this proposal are grave.
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