At our upcoming town meetings, Islanders will be able to vote on the future of affordable, year-round housing on Martha’s Vineyard. The outcome of these meetings — of the vote for the creation of the Martha’s Vineyard housing bank — has the potential to protect and strengthen the Island community. Without a housing bank intended to secure housing for year-round Islanders and their families, I fear we will not recognize our Island in years to come.
For many years, Martha’s Vineyard was a healthy mix of summer and year-round residents, of affluent and middle-class families, of multiple generations able to continue to set down roots.
That reality has been changing. We can all see the effects of our present housing crisis.
There are few houses to buy or rent, and those on the market are not affordable to the great majority of year-round residents, including teachers, police officers, nurses, carpenters, and many more.
Without a solution, it seems likely that year-round neighborhoods will become seasonal; our schools will have many fewer students; and ferries will be full of our essential workers arriving from the mainland. Our children who would like to settle down here and raise their families will find it increasingly challenging to do so. The mix of people that we value as part of our Island community will slowly disappear.
While the details of a housing bank are complex, the underlying premise is clear: to help fund the purchase and construction of houses available both for rental and ownership by year-round families of varied incomes. The housing bank would fund itself not by taxation of homeowners but by a 2 percent fee of the purchase price of houses costing more than $1 million. This fee would not apply to the first $1 million of the purchase price. Each participating town would elect a commissioner to the housing bank, and they would set and adjust policies.
For more details on the policies and structure of the housing bank, please review the Coalition to Create the MV Housing Bank website at ccmvhb.org, in particular the sections “frequently asked questions,” “common misconceptions,” and the summary of the warrant article.
In order to establish a housing bank, it must receive a supporting vote at our upcoming town meetings. Meetings can be lengthy, and attending challenging, especially for young families. However, this is one of those town meetings where the outcome will help to shape our Island for years to come. Please plan to attend your town meeting and vote at your town election, and please consider voting for the housing bank. We have the opportunity to create housing for year-round residents and to help build a better future for the next generation of Islanders.
Dr. Henry Nieder is a family doctor on Martha’s Vineyard, and a member of the steering committee for the Coalition to Create the Martha’s Vineyard Housing Bank.
