LOS ANGELES (CNS) — The city of Los Angeles Saturday will begin an additional tax on the property sales that exceed $5 million through Measure ULA, a ballot measure passed in November, which city officials have said will generate a revenue for affordable housing projects and support homeless prevention services.
What You Need To Know
- The measure, also known as the “mansion tax,” will implement a 4% sales tax on properties exceeding $5 million and a 5.5% sales tax on properties exceeding $10 million
- The tax will be collected and earmarked for renter protections, including protections for low-income seniors at risk of homelessness and building affordable housing across the city to address the current shortage
- Several council members are hoping to use Measure ULA funding to expand renter protections, including developing a program that would establish a right to counsel for tenants
- Though the measure passed with 58% voter approval and has support from the City Council, the measure is currently facing litigation by the Howard Jarvis Taxpayers Association and the Apartment Association of Greater Los Angeles