SANTA FE, N.M. – Santa Fe officials and residents are tackling affordability on the high end of the market through what’s known as the “mansion tax.”
“Many people want to live here and can afford to bring their money from elsewhere and buy up these very expensive properties,” said New Mexico Rep. Andrea Romero, D-Santa Fe. “We think, great, let’s attach a tax to it so that you can help others really thrive here in looking for housing.”
“It adds a 3% charge for buyers on homes listed for more $1 million. that revenue goes straight into Santa Fe’s affordable housing trust fund for rental assistance, down payments, and homelessness prevention…