New apartment construction in Los Angeles has all but shut down, thanks in part to Measure ULA, the so-called “mansion tax” that applies to all buildings, including apartments, that sell for $5.3 million or more.
Voters in Los Angeles passed Measure ULA in 2022, and were told that taxing the sales of “mansions” would fund the construction of low-income housing. But the tax took only a third of anticipated revenue, as sellers — responsible for paying the tax — took homes and other buildings off the market. One realtor said Measure ULA had lowered luxury home sales in L.A. by 40%. Commercial real estate deals fell by a similar amount.
Worse yet…
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