The implementation of Measure ULA, a mansion tax affecting real estate sales over $5 million, significantly slowed the pace of transactions in Los Angeles by nearly 50%. Researchers from UCLA analyzed 338,000 property transactions and highlighted that this legislative change could lead to a substantial $25 million annual loss in property tax revenue, deepening LA's budget and housing supply issues. Industry insiders note that the tax complicates financing and profit margins for developers, indicating that the policy's implications were not thoroughly evaluated prior to its enactment.
Analysis of 338,000 real estate transactions in LA shows that Measure ULA slowed investment sales by nearly 50%, showing its significant market impact post-enactment.
The drop in sales volume due to Measure ULA triggered a $25 million annual loss in city property tax revenue, threatening LA's budget and housing supply.
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