- Cape Cod, one of the priciest housing markets in the U.S., is considering a 2% real-estate transfer fee on luxury homes above $2 million to fund affordable housing. Similar “mansion taxes” in Los Angeles and Rhode Island show how other expensive markets are turning to surcharges on wealthy homeowners to redistribute housing wealth.
Cape Cod is one of the most expensive housing markets in the U.S. While the median home price in the beachy region of Massachusetts is about $600,000, waterfront properties and homes in exclusive areas often exceed $1 million, according to Warren Buffett’s Berkshire Hathaway Home Services.
