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The character of pretty much all the seaside communities of New England is changing – not to the degree that the Vineyard has, but there is a major cultural shift going on. Many longtime working class residents are less than two tax re-evaluations from being pushed out. They may own the property, and they may have grown up there, but the truth is – unless you are stinking rich, you really don’t belong there.
I would guess a lot of people on the islands are now thinking, “Gee, if Bush loses the election, what happens to the capital gains tax?” That’s a major issue if you bought a house for 75,000 and now it’s worth 2.3 million.
From their perspective, while interest rates are low and the primary sector is still enjoying all the benefits that the current administration has bestowed upon them, now is probably the best time to take the money and run.
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