"Concern and offense were aired Thursday by members of an oversight committee following an attempt earlier this week to jam amendments to LA's so-called mansion tax onto the June ballot. Thursday's vote by the Measure United to House L.A. Citizens Oversight Committee, the group established through the November 2022 ballot measure to monitor use of Measure ULA funds, could offer a look at the uphill battle proposed carveouts to the two-tier property tax could face in the coming months."
"Honestly, it is so offensive that this amendment was proposed [to the] city council without even once coming to the COC, committee member Jeanne Nishimoto said during the meeting. She went on to say the bid for a fast-tracked move to make changes to ULA highlights that this body is being pushed aside. Democratic Socialist Nithya Raman, a leader among local progressives who represents the 4th District on the City Council, introduced her proposed changes on Friday."
Members of the Measure ULA oversight committee expressed concern and offense after an attempt to rush amendments to the city's mansion tax onto the June ballot. Measure ULA, effective April 2023, applies a 4 percent tax on real estate deals starting at $5.3 million and increases to 5.5 percent on deals of $10.6 million or more. The 15-member oversight committee agreed to send a letter to the city council about being excluded from amendment discussions and formed an ad hoc committee to examine exemption requests. Councilmember Nithya Raman proposed a 15-year exemption for new multifamily, commercial and mixed-use projects and a one-time three-year carveout, retroactive to Jan. 7, 2025, for property owners affected by the Palisades Fire. Supporters sought consideration and a council vote this week.
Read at therealdeal.com
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