Don’t support this Housing Bank

To the Editor:

I was debating whether to write a letter to the paper concerning the town meeting articles to set up a Housing Bank on the Island when my phone rang, and lo and behold it was a robo-like call asking me to support said Housing Bank. The apparent amount of money spent and all the hype around getting this passed sent me scurrying to my keyboard.

The idea of a Housing Bank has merit, but not this current proposal, which was not planned collaboratively with the community, but instead brought forth in a virtual vacuum by a small group of well-intentioned housing advocates and developers. The method of funding the proponents have decided we should use is to encumber half of the newly passed short-term rental legislation revenue. We are told that this encumbrance will not have an impact on the tax rate, but that dismisses the fact that some towns badly need new revenue streams to be able to keep up with expanding infrastructures and also be able to hold future tax rates down. Add to that, no one has any idea of what revenues will be generated by the recently passed legislation. A new bureaucracy will have to be set up if this proposal passes, where one elected official from each town will have a vote on how the money is to be spent. The makeup of this political body gives no thought as to the varying population size in each community. Along with the Island Housing Trust that residents already help fund with CPC town dollars and the Dukes County Regional Housing Authority, a whole new institution will need to be established that will be autonomous from the towns in salaries paid out and what projects are supported and where they will be proposed to be built.

Over the years, other models of a Housing Bank have been brought up. A fee similar to the Land Bank might be pursued. Many towns have their own housing trusts, which if more fully funded could have a substantial impact on the current housing shortage. Advocacy for the state to increase matching CPC funds is another tack that could be taken. The point is that the plan of attack should be developed by the many and not just the few. Just to wave the banner in the name of the affordable housing cause does not make the touted approach the correct one.

I do not relish my opposition to this current proposal, but in the end it may do more harm than good. Some towns are struggling with how to maintain their educational and safety and health standards without overburdening their residents, many of whom struggle to live here and make ends meet. The proposed plan has the potential to “rob Peter to pay Paul.” Sadly, a no vote on the current Housing Bank proposal is in order.

Tristan Israel
Tisbury

Israel is a member of the Tisbury board of selectmen.  –Ed.