Business Coalition Opposes Property Tax Hike for Affordable Housing

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.