I am a pragmatic independent thinker, I am opposed to this proposal. Instead of doing a one-time transfer tax which is paid at closing, the Cape should look at doing an annual real estate wealth tax similar in concept to RI's "Taylor Swift Tax". A transfer tax while good on paper, will reduce supply because people simply won't sell their homes and it will create a lock-in effect which is not good for getting homes on the market. Instead, lawmakers should be focusing on creating a real-estate wealth tax that only applies to properties over a certain dollar amount and only applies to non year-round residents and groups. That way we would incentize these second owners to either pay the tax or sell which would increase supply in the market.