"Proponents of the tax came in hot in the leadup to Friday's meeting, casting any changes as giveaways to developers, in the words of United to House LA Coalition."
"Measure ULA passed in a citywide vote in 2022 and hiked property transfer taxes on all real estate that sells for more than $5 million in the City of LA."
"Residential agents and commercial real estate brokers have long complained about the tax's chill on dealmaking and new construction."
"Raman didn't hesitate as the first to field the question: If I'm elected mayor, I won't hide in my mansion. I will come out and talk to communities."
Los Angeles' mansion tax, established by Measure ULA in 2022, is under scrutiny as the Ad Hoc Committee on Measure United to House Los Angeles meets. Proponents argue against amendments, viewing them as concessions to developers. Meanwhile, some groups advocate for reforms to mitigate the tax's negative effects on housing construction. The tax imposes a 4% rate on properties sold for $5 million to $10 million and 5.5% on those over $10 million. The recent mayoral debate highlighted differing approaches to community engagement and housing issues, particularly in the absence of incumbent Mayor Karen Bass.
Read at therealdeal.com
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