"The new coalition led by Santana, dubbed Affordable LA: Mend It Don't End It, is made up of nonprofits, business groups and the union representing carpenters. It wants to tweak Measure ULA which was approved by voters in 2022 to levy a tax on the sales of high-dollar real estate deals."
"Critics say the tax has put the kibosh on high-value commercial and multifamily sales while slowing housing production. Santana believes the proposed changes would take the wind out of an initiative from the Howard Jarvis Taxpayers Association that would make significant cuts to Measure ULA and other transfer taxes across the state."
"Proposed changes include exempting new multifamily and commercial development from the Measure ULA tax for 15 years; giving city officials more flexibility to change how the transfer tax money is spent without having to return to the ballot; and providing relief for property owners affected by natural disasters such as last year's Palisades fire."
Miguel Santana, CEO of the California Community Foundation, heads a coalition called Affordable LA: Mend It Don't End It, which seeks to amend Measure ULA. This measure imposes a 4% tax on real estate sales over $5.3 million and a 5.5% tax on sales over $10.6 million. Critics argue it hampers high-value sales and housing production. Proposed changes include tax exemptions for new developments and more flexible spending of tax revenues. Santana's group aims to counter a statewide initiative that seeks to cut Measure ULA and other transfer taxes.
Read at therealdeal.com
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