The buyer would pay $6,000 to the city’s affordable housing trust fund. On a $1.2 million home sale, for example, the new tax would apply to $200,000 in value. The new tax is levied against the buyer for residential property sales of $1 million or more - with no tax on the first $1 million in value. The trust awards funds each year to affordable housing providers who can secure matching funds from other government and nonprofit sources. The city of Santa Fe estimates that the tax would generate about $6 million annually for its affordable housing trust fund, which underwrites price-restricted housing, down-payment assistance for low-income homebuyers and rental assistance to stave off financial hardship and evictions. Voters in Los Angeles last year approved a tiered-rate tax on residential and commercial real estate sales of $5 million or more to address housing shortages, while Chicago may ask voters next year whether to raise real estate transfer taxes, starting with sales over $1 million, to fight homelessness. Tuesday’s vote signals newfound public support for so-called mansion taxes to fund affordable housing and stave off homelessness.

“It’s just exactly in the nexus of what matters,” said Romero, a Democrat who led a fundraising and educational effort in support of the tax. Andrea Romero said the tax galvanized voters and will shore up spending for local affordable housing in perpetuity. The ballot measure was pitched as a lifeline to teachers, service-sector workers, single parents and youth 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. Uncertified election results on Wednesday show that nearly three-fourths of ballots were cast in favor of the new tax on home sales of over $1 million, in a city prized for its high-desert vistas, vibrant arts scene and stucco architecture. (AP) - Voters have approved a tax on mansions to pay for affordable housing initiatives in New Mexico’s capital city of Santa Fe.

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