realestate

Chamber backs real estate transfer fee, yet raises concerns

Barnstable leaders back luxury real estate transfer fee being considered by County Assembly to help affordable homes.

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ARNSTABLE – Business leaders in Barnstable County are urging the Assembly of Delegates to adopt a luxury‑real‑estate transfer fee as a tool for affordable‑housing solutions, though they caution that details matter. At the latest meeting, Cape Cod Chamber of Commerce chief Paul Niedzwiecki highlighted the proposal, noting that no fee has been set yet. Delegates discussed a sliding scale—between 0.5 % and 4 % on sales above $1 million, with towns able to set higher rates and opt in. The Chamber backs the concept to help fill workforce‑housing gaps, but stresses that the Cape’s unique second‑home market—37 % of homes are vacation properties and 12 % are short‑term rentals—must be considered. Over 30 % of the local workforce commutes across the Bourne or Sagamore Bridges. Niedzwiecki suggested that commercial properties be exempt to protect small businesses, and that the $1 million threshold be raised, given the 2024 median single‑family price of roughly $900 k. He also proposed that proceeds be directed toward deed‑restriction purchases for permanent residents, mirroring Colorado’s InDEED program, since the Cape is largely already developed.

Real Estate Chamber endorses transfer fee, raises concerns.