A proposed 2% real estate transfer fee on Cape Cod luxury home sales over $2 million aims to generate revenue for affordable housing. The fee could produce up to $56 million annually to fund year-round and workforce housing. The proposal responds to a housing affordability emergency driven by a 43% increase in home prices during the COVID-19 pandemic that left many residents unable to afford living on the Cape. The fee is modeled after successful surcharges used elsewhere. Each town would decide whether to participate through a town meeting vote. Housing advocates, business leaders, and county officials support the proposal as a funding mechanism.
In response to the housing crisis on Cape Cod, MA, lawmakers are considering a real estate transfer fee targeting luxury home sales over $2 million as a solution to generate funds for affordable housing initiatives. The proposal has gained support from various stakeholders, including housing advocates and business leaders, who see it as a necessary step to address the region's housing affordability emergency.
The proposed 2% real estate transfer fee on luxury home sales over $2 million could generate up to $56 million annually for affordable housing initiatives. The fee is a response to Cape Cod's housing crisis, exacerbated by a 43% increase in home prices during the COVID-19 pandemic, making living on the Cape unattainable for many residents. The transfer fee, modeled after successful surcharges for other projects, would fund year-round and workforce housing, with each town deciding whether to participate through a town meeting vote.
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