Real Estate Industry Spends Big To Crush ‘Mansion Tax’
Los Angeles, California - In the coming weeks, Los Angelenos will vote on a ballot measure to hike taxes on the sale of multimillion dollar properties, with the expected near-billion dollars in annual revenue going towards addressing the housing crisis in the second-largest city in America. The initiative has been strongly opposed by real estate interests — from huge corporate landlords to realtor lobbying groups and pro-business groups — who have so far poured more than $5 million into efforts to defeat the measure.
Measure ULA, which would increase real estate transfer taxes on properties in the city of Los Angeles valued at $5 million or more, would only apply to an estimated four percent of real estate transactions annually.