Measure ULA, enacted in April 2023, imposes taxes on high-value property sales in Los Angeles to fund affordable housing. However, a report from UCLA reveals that this tax has severely slowed commercial property transactions, which are vital for job growth and housing development. Analysis of recent sales data indicates that the tax has led to declines of 7-15% monthly in commercial sales within several L.A. ZIP Codes, with potential long-term financial ramifications for the city, including a projected $25 million annual loss in property tax revenue.
The hardest-hit properties are not luxury homes, but multifamily, commercial and industrial buildings - the very types we need to support housing production and job growth.
Measure ULA has caused a decline in commercial property sales that resulted in $25 million annual loss in property tax revenue, compounding significantly over time.
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