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Business Coalition Opposes Property Tax Hike for Affordable Housing

BOSTON-A coalition of business leaders led by Fidelity Group and the Greater Boston Chamber of Commerce comes out against an affordable housing initiative that would boost property taxes in this city by 2%. The initiative will be on the ballot this November.

By Naomi Grossman | Updated on October 08, 2001

BOSTON-An affordable housing initiative that would boost property taxes here is being opposed by a coalition of business leaders led by Fidelity Group and the Greater Boston Chamber of Commerce. The initiative, which will be on the ballot this November, would impose a 2%-hike on property taxes in this city if approved.

Reportedly, the surcharge would generate $14 million that would be matched by the same amount in state money and would be dedicated to affordable housing, open space and historic preservation. The initiative is supported by a number of local organizations–such as the Boston Building Trades Council and the Massachusetts AFL-CIO–but city Mayor Thomas M. Menino has yet to identify his position on the ballot question, which pits the issue of raising taxes against supporting affordable housing.

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