The higher real estate transfer tax in Los Angeles, known as Measure ULA, is impacting luxury home sales and raising concerns about achieving projected revenue while aiming to fund affordable housing initiatives.
Data indicates a significant drop in home sales above $5 million after the implementation of the new tax policy, suggesting a dampening effect on the luxury real estate market in the city.
Local real estate agents highlight how the added tax has deterred wealthy buyers, stalled property transfers, and become a reason for existing homeowners to hold onto their properties, hindering new buyers' entry into the market.
#real-estate-transfer-tax #affordable-housing-funding #luxury-home-sales #los-angeles-real-estate-market
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