The ordinance was designed to require developers of city-subsidized projects to create 20 % of the housing units reasonable for lower-earnings families.
He and fellow City Councilman John Bullock posted legislation Thursday to produce the job pressure, which can make recommendations about new revenue streams for reasonable housing.
Henry stated the tax increase would lead to about $ten million more every year.
“More than 1 / 2 of Baltimore’s renters reside in housing they can’t afford 57 percent pay greater than 30 % of the earnings for housing and, staggeringly, 33 percent pay over fifty percent,Inches the audience authored inside a report this past year. “And it’s getting worse. Rising rents and stagnant incomes have forced increasingly more families to invest much more of their budget on housing, growing financial insecurity and the chance of eviction or property foreclosure.”
If passed, the balance would enhance the recording fee billed on every $500 price of property offered from $5 to $6. Which means around the purchase of the $100,000 house, about $200 visits the Affordable Housing Trust Fund.