Not everyone is griping about the Los Angeles mansion tax, which took effect in April 2023. It's proving to be a bonus for one notoriously wealthy Southern California enclave that's becoming a hotbed of new luxury housing development.
Sales are down in both markets as they are in many high-end US housing markets. But when comparing the monthly rate of sales before and after the April 2023 Measure ULA Mansion Tax, Los Angeles sales subjected to the tax were down about 40%, and roughly double the 20% decline over the same period seen in Beverly Hills, which is not subject to the tax.
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