Homebuyers in Santa Fe shelling out more than $1 million will have to pay a new 'mansion tax'

• Santa Fe voted overwhelmingly for a new tax on homes sold for more than $1 million.
• The new 3% tax will fund affordable housing construction and maintenance.
• The vote indicates strong support for so-called "mansion taxes" across the country.

Santa Fe wants its wealthiest residents to fund housing for the neediest.

On Tuesday, the New Mexico city overwhelmingly approved a so-called mansion tax, which will levy a 3% excise tax on residential property sold for $1 million or more and use the revenue to fund affordable housing.