Measure ULA revenue passes $1B mark as three-year anniversary approaches

"Nearly three years after being implemented, proceeds from so-called mansion tax have exceeded $1 billion, Commercial Observer reported. Under the ordinance, transactions for properties between $5.3 million and $10.6 million incur an additional 4 percent tax, and deals for $10.6 million or more trigger a 5.5 percent tax. City officials have long said that money earned from the transfer tax will go toward funding affordable housing and homelessness prevention programs."

"As of Jan. 8, Measure ULA has generated more than $1 billion from 1,435 transactions, according to Los Angeles Housing Department data cited by CO. Of those deals, 60 percent were for single-family residences, 24 percent were for nonresidential commercial properties and 13 percent were for multifamily sales. The ZIP codes of 90049, 90272 and 90077, encompassing top-tier Los Angeles neighborhoods such as Brentwood, Bel Air and Pacific Palisades, accounted for the largest share of sales producing ULA funds."

As of Jan. 8, Measure ULA has generated more than $1 billion from 1,435 transactions. The ordinance imposes an additional 4 percent transfer tax on sales between $5.3 million and $10.6 million and a 5.5 percent tax on sales of $10.6 million or more. Sixty percent of taxable deals were single-family residences, 24 percent were nonresidential commercial properties, and 13 percent were multifamily sales. ZIP codes 90049, 90272 and 90077 produced the largest share of revenue. Implemented April 1, 2023, ULA collected $306.7 million over the past six months and is on track to surpass the prior fiscal year's $413.2 million. Nearly 74 percent of fiscal year 2025-26 funds are allocated to affordable housing programs, with the remainder reserved for homelessness prevention services.

Read at therealdeal.com