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The tax on homes sold for more than $1 million is being pitched as a lifeline to teachers, service-sector workers, single parents and young professionals who can't afford local mortgages or struggle to pay rent amid a national housing shortage and the arrival in Santa Fe of high-income digital nomads and affluent retirees.
(AP) — Voters are deciding whether to tax mansions to pay for affordable housing initiatives in a state capital city prized for its desert-mountain vistas, vibrant arts scene and stucco architecture rooted in Native American
On a $1.2 million home sale, the new tax would apply to $200,000 in value, with $6,000 going to the city's affordable housing trust fund.
Voters in Santa Fe, New Mexico, are set to decide whether a tax on homes worth over $1 million should be implemented to help pay for affordable housing initiatives.
Outrage over the price of basic housing is spurring calls for a tax on mansions in a Southwestern city cherished by tourists and second-home owners for its adobe architecture and Rocky Mountain vistas