Webber and his minion Jamie Cassutt have once again proposed a new excise tax, aka a “sin” socialist tax to penalize the people of Santa Fe. While we support finding ways to fund affordable housing, revisiting this failed proposal from a few years ago isn’t answer. Webber and Cassutt, in their typical fashion, are attempting to resurrect a failed idea instead of investing thought into something innovative that might actually work.
Before everyone comes out of the woodwork, WE ARE PROPONENTS OF AFFORDABLE HOUSING. However, there are several issues with this outdated and unsuccessful approach:
- We have a city who can’t get their financial affairs in order to save their life. Millions of dollars are already at risk because of the continued failed audits. The people of Santa Fe shouldn’t vote to increase Webber’s slush fund when we have no idea where city funds have been lost, stolen, or misused.
- Instead of a flat tax, a more equitable solution would be a graduated tax, beginning with a minimal rate for lower-priced houses and progressively increasing, similar to income tax. Solving this problem necessitates contributions from everyone, including increased taxes on vacant second or third homes.
- It’s worth noting that Mike Loftin and Homewise have contributed $35,000 to lobby for this tax. The question arises: why? Homewise is a major beneficiary of the Affordable Housing fund, receiving hundreds of thousands of dollars annually to support their operations. This financial support extends to paying all their top executives six figure salaries, with Loftin earning over $300,000 per year. All this occurs under the guise of a non-profit, despite directly competing with for-profit builders and utilizing taxpayer dollars to do so. Homewise has TWO HUNDRED and EIGHT MILLION DOLLARS IN ASSETTS. Does it seem reasonable for them to take your tax dollars too??
