Los Angeles Mayor Karen Bass withdrew a legislative proposal this week to repeal Measure ULA, a so-called “mansion tax” that has undermined the housing market and slowed rebuilding in fire-ravaged areas.
Breitbart News explained the background to the tax earlier this year:
Measure ULA was sold to voters as a “mansion tax,” but in practice it applies to all kinds of real estate — hospitals, factories, office buildings, and smaller homes that family landlords often use to provide an income for themselves.
Breitbart News noted in early 2023 that Measure ULA requires the city “to collect a 4% tax on sales over $5 million, and a 5.5% tax on sales of…
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