If you feel HPAP is important – Let the council Know Sign Petition

From the Washington Informer

Not only did the immorality of their vote seem to elude them, but also the economics. Each time one of these buyers purchases a home, the City receives both transfer and recordation tax revenues in the amount of at least 2.2 percent of the sales price. In addition to the revenue from transfer and recordation taxes, each of these homeowners will start paying property taxes within a few years. Granted, the average sales price of these homes is not going to make the City as much money as those with a larger property tax base. However, if the City is looking to raise revenue, it would make sense to reward individuals that contribute property tax in the short and long term, not punish them.

The only member of the Council that seemed to belabor the seriousness of its impact was the Chair of the Committee on Housing and Urban Affairs, Councilmember Marion Barry. Even he still ended up voting for it after a stern quip from Council Chair Vincent Gray.

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