"Most of the money $316 million comes from Measure ULA, a transfer tax on property sales above $5 million that voters approved in 2022. Another $71 million comes from state and federal sources. Measure ULA sometimes referred to as the mansion tax has drawn both support and criticism. Opponents argue slows commercial development and reduces property sales. Supporters say it provides the city with a crucial tool to address housing shortages and homelessness."
"The levy has raised more than $784 million in 2 years, though much of it remained unspent amid court challenges. After those efforts failed, the city approved a $150 million ULA spending plan in 2024 and another $425 million plan in July. According to leaders, previous funding rounds typically totaled between $50 million and $75 million. The new $387 million offering is reportedly intended to become a regular occurrence."
Los Angeles plans a new $387 million ULA funding round intended to become a regular occurrence. Most funding—$316 million—comes from Measure ULA, a transfer tax on property sales above $5 million approved in 2022; another $71 million comes from state and federal sources. Measure ULA, sometimes called the mansion tax, has drawn both support and criticism. The levy raised more than $784 million in two years, with much unspent amid court challenges; the city approved $150 million in 2024 and $425 million in July. Awards will shift from per-unit formulas to percentages of development costs, giving greater flexibility to support multifamily, preservation, and adaptive reuse projects.
Read at www.housingwire.com
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