"Lawmakers in Sacramento unveiled a proposal this week to overhaul Measure ULA, the so-called "mansion tax" in Los Angeles, as part of a larger gambit to keep a statewide tax cut measure from making it onto next year's ballot. The legislation, negotiated in part by Mayor Karen Bass, would make pivotal changes to Measure ULA, which was passed by city voters in 2022 and provides hundreds of millions of dollars for programs to address and prevent homelessness."
"Senate Bill 423, co-authored by State Sen. Lena Gonzalez and Assemblymember Tina McKinnor, seeks to strip away parts of Measure ULA that have been viewed by critics as harmful to housing production in L.A. The bill would significantly reduce the taxes that are imposed by Measure ULA for sellers of apartment buildings, offices and shopping centers - if those structures were built within the last 15 years."
SB 423 proposes targeted changes to Measure ULA to reduce taxes on sales of apartment buildings, offices, and shopping centers built within the last 15 years. Measure ULA levies a tax on Los Angeles property sales above $5.3 million and generates funding for rental subsidies, affordable housing development, and homelessness prevention programs. Critics contend the tax chilled housing construction, particularly apartments, and slowed local development. The legislative effort was negotiated in part by Mayor Karen Bass and authored by State Sen. Lena Gonzalez and Assemblymember Tina McKinnor. The proposal also responds to a Howard Jarvis Taxpayer Association ballot initiative.
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