To the Editor:
I just read the article on the Housing Bank bill that failed to pass in the State legislature. Sen. Julian Cyr has it wrong in creating a funding source for rent assistance in this manner. Passing this bill will lead to increased property owner taxes and rents on the Island. Many communities have seen the results. When taxes are raised, even conveyance taxes, it triggers more homeowners wanting to sell. As more homes hit the market, the inventory increases. Supply and demand then take hold. The bigger the supply, the lower the sales prices. Ultimately, when homes sell for less, the mill rate increases to provide funding for needed community services like schools, fire, police, medical, etc. The mill rate brings higher tax bills. Homeowners pay more. They raise rents. The ugly cycle continues.
Kate Leonard
Vineyard Haven
