Affordable housing has been a hot topic for several years, especially when money printing during the pandemic caused housing prices to soar. Some communities are looking for ways to bridge the gap so housing prices are more attainable, and Cape Cod is currently brainstorming a new tax on the rich to fund affordable housing.
The Falmouth Democratic Town Committee recently proposed a 2% real estate transfer fee on luxury home sales over $2 million. It comes to an additional $40,000 for $2 million home sales, with the fee going up for more expensive home transactions.
