""Cape Cod is in the midst of a housing crisis that threatens the fabric of our communities," Barnstable County Assembly of Delegates Deputy Speaker Daniel Gessen said in a statement. "This legislative timeline is the scaffolding for the assembly to begin confronting the depth of this crisis and moving toward solutions that match the scale of the challenge.""
""A family today must earn more than double the average income just to afford the price of an average home. That's not just unsustainable. That is a crisis," Gessen said in a statement."
Barnstable County Assembly of Delegates is considering a 2% real estate transfer fee on luxury home sales exceeding $2 million. The fee is projected to generate roughly $56 million annually to fund affordable year‑round housing. Median household income in Barnstable County is $89,893, while median home sale price was $730,000 in July and $1,142,000 in Chatham. A family must earn more than double the average income to afford an average home. Business leaders, county officials, and housing advocates broadly support the proposal. Local real estate agents report sellers are panicking. Other regions are proposing taxes targeting wealthier property owners.
Read at Business Insider
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