Santa Fe Voters Likely to Face Vote on Real Estate Transfer Tax

Housing in Santa Fe could get even more expensive if voters in the City approve a new real estate transfer tax. With a majority of Councilors having expressed support for the plan, a special election Aug. 19 to decide the matter is inevitable.
The plan which would levy a 1 percent fee on homes that sell for more than $650,000 would generate about $1.8 million each year for the city to help the city subsidize housing for police officers, firefighters, nurses, teachers and other essential workers. While these workers are by and large a sympathetic group, the idea of further taxing certain real estate in order to subsidize the cost of owning a home for other people is rather absurd.
Rather than forcing real estate prices up in order to drive them down, Santa Feans should repeal some of the absurd regulations (toilets, zoning/housing restrictions, and property tax hikes that have driven costs higher and higher.
Rather than raising taxes, Santa Fe’s political leadership and voters should consider reducing some of the more costly restrictions on housing in Santa Fe. This will certainly be a point of discussion leading up to the August 19 election.