georgina lambert

Testimony on New Hampshire HB1707: An Intersectional Perspective New Hampshire's HB1707, which proposes an additional property tax on unoccupied homes while providing a housing transfer tax exemption for low- and moderate-income buyers, raises significant issues regarding equity, housing accessibility, and socioeconomic implications. By examining the bill through an intersectional lens, we can illuminate who benefits and who bears the burden. Adverse Underpinnings of HB1707 Property Tax on Unoccupied Homes The additional property tax targets homes that are unoccupied for six months or more, including those listed as short-term rentals. While this may aim to reduce speculative housing and encourage occupancy, it disadvantages certain property owners: Low-Income Homeowners: They often depend on rental income for financial stability. An additional tax could exacerbate their financial strain, compelling them to either sell at a loss or face foreclosure. Aging Homeowners: Seniors who cannot sell their homes for various reasons (health, family ties) may struggle under this tax, potentially losing their residences. Investment Property Owners: Many middle-class individuals rely on rental investments for retirement. This tax could jeopardize their future financial security. Exemptions for Low- and Moderate-Income Buyers While the transfer tax exemption aims to support low- and moderate-income buyers, the bill's eligibility criteria create barriers: Income Restrictions: The income cap set at 100% of the median for a three-person household might exclude single-parent families or individuals who fall just above this threshold yet still grapple with affordability. Homeownership Eligibility: The stipulation that applicants must not own other property limits access for those attempting to upgrade their housing situation, thereby perpetuating cycles of poverty among renters. Who Benefits and Who Does Not? Group Benefits Does Not Benefit Low- and Moderate-Income Buyers Receive transfer tax exemptions Households marginally above income limits Municipalities New revenue from unoccupied property taxes Property owners who cannot afford the added burden Existing Homeowners Potentially increased property values Owners of second homes or investment properties Working-Class Families Opportunity for homeownership Those unable to meet strict income and ownership criteria Conclusion: An Inclusive Perspective HB1707 reflects well-intentioned efforts to create affordable housing options but stands to reinforce existing inequities without careful implementation. It disproportionately impacts vulnerable populations, such as low-income homeowners and seniors, while providing limited benefits to those it aims to assist. Moving forward, advocates should push for an inclusive dialogue that considers the diverse experiences of affected communities and aims for solutions that genuinely uplift low- and moderate-income residents without inadvertently penalizing others within that spectrum. This effort is crucial to ensuring that all voices are represented, fostering a more equitable housing landscape in New Hampshire.