Lawmakers on Massachusetts’ Cape Cod are considering an increasingly popular solution to solve the area’s housing crunch: a tax on the rich. The newly proposed real estate transfer fee would tack on a 2% surcharge on luxury home sales over $2 million.
The proposal, which is currently before the Barnstable County Assembly of Delegates, could generate up to $56 million a year for affordable and year-round housing—a revenue stream local leaders say is desperately needed as prices spiral beyond reach.
The proposal comes amid a string of similar levies on the East Coast, where Rhode Island and New Jersey have imposed a “mansion” or “Taylor Swift tax” on sales of luxury homes to offset funding shortfalls and boost affordable housing…