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Cape and island leaders push state option for luxury transfer fee to fund local housing
Summary
Municipal and nonprofit leaders from Cape Cod, Martha’s Vineyard and Nantucket urged the committee to advance a local option luxury real estate transfer fee (S.14‑34) to create locally controlled housing funds for seasonal and expensive markets.
Leaders from Cape Cod, Martha’s Vineyard and Nantucket told the joint committee that a local option luxury real‑estate transfer fee (Senate Bill 14‑34, as discussed) would generate a local, dedicated revenue stream for affordable and attainable housing in island and coastal communities where market prices and seasonal short‑term rentals have sharply depleted year‑round housing.
Speakers including the Community Development Partnership (Lower & Outer Cape), Nantucket island officials, the Nantucket Land Bank and the Martha’s Vineyard housing planner…
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