‘Why us?’: Housing nonprofits are paying millions in ‘mansion tax’
1 month, 1 week ago

‘Why us?’: Housing nonprofits are paying millions in ‘mansion tax’

LA Times  

The Motion Picture & Television Fund, a nonprofit that provides housing for people in the movie and TV industries, was surprised last year with a $1.65-million “mansion tax” bill. Their leaders say the tax has hampered their ability to accomplish one of Measure ULA’s primary goals: provide affordable housing. Since MPTF’s mission seemed to align with Measure ULA’s mission of combating L.A.’s housing crisis, Beitcher assumed the sale would be eligible for an exemption. “It doesn’t make sense that a struggling nonprofit providing housing would be paying the tax,” Beitcher said.

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History of this topic

L.A. City Council approves ‘mansion tax’ spending plan and program guidelines
1 week, 6 days ago

L.A. City Council approves ‘mansion tax’ spending plan and program guidelines

LA Times  

DJ Yoon of Koreatown Immigrants Workers Alliance holds a sign that says “Measure ULA is for the protection of tenants” in Spanish during a news conference at City Hall on Tuesday. The Los Angeles City Council on Tuesday voted to approve an ambitious set of program guidelines for spending hundreds of millions of dollars collected under the city’s Measure ULA …

Which L.A. neighborhoods have paid the most ‘mansion tax’?
1 month, 2 weeks ago

Which L.A. neighborhoods have paid the most ‘mansion tax’?

LA Times  

Measure ULA has raised more than $439 million since April 2023. Los Angeles is roughly a year and a half into its so-called “mansion tax,” levying charges on high-end property sales to raise money for affordable housing and homelessness initiatives. Unsurprisingly, the 5th City Council District — which holds neighborhoods such as Bel-Air and Beverly Crest — raised the most …

L.A.’s ‘mansion tax’ has collected $375 million. Where is the money going?
3 months, 2 weeks ago

L.A.’s ‘mansion tax’ has collected $375 million. Where is the money going?

LA Times  

Nearly two years ago, voters in Los Angeles approved Measure ULA, increasing taxes on the sale of multimillion-dollar properties with the aim of raising hundreds of millions of dollars each year to help address the city’s housing crisis. The amount is short of the $600 million to $1.1 billion per year that backers expected but still enough to provide major …

The year of the ‘mansion tax’: Hundreds of millions raised, but a chill to L.A.’s luxury market
8 months, 3 weeks ago

The year of the ‘mansion tax’: Hundreds of millions raised, but a chill to L.A.’s luxury market

LA Times  

L.A.’s luxury residential market hasn’t recovered in the year since the “mansion tax” took effect. The tax brings a 4% charge to all property sales above $5 million and a 5.5% charge to all sales above $10 million in L.A. One year ago, Los Angeles’ “mansion tax” took effect. Critics, including many L.A. real estate professionals, claim the tax has …

‘Mansion tax’ prevails in court as judge dismisses lawsuit challenging Measure ULA
1 year, 1 month ago

‘Mansion tax’ prevails in court as judge dismisses lawsuit challenging Measure ULA

LA Times  

An L.A. County judge dismissed a lawsuit challenging L.A.’s “mansion tax” on Tuesday, marking the end of a months-long legal challenge from the luxury real estate community that looked to declare the measure unconstitutional. The transfer tax known as Measure ULA was passed in November and took effect April 1, bringing a 4% charge on all residential and commercial real …

As challenges loom, L.A. City Council approves $150 million in ‘mansion tax’ spending
1 year, 3 months ago

As challenges loom, L.A. City Council approves $150 million in ‘mansion tax’ spending

LA Times  

Passed by voters in November, Measure ULA places a transfer tax on property sales above $5 million in L.A. The Los Angeles City Council passed a $150-million spending plan for funds raised by Measure ULA on Tuesday, marking the first time funds will be specifically allocated since Angelenos passed the tax in November. Dubbed a ‘mansion tax,’ Measure ULA took …

Why has Los Angeles imposed a 'mansion tax'? What’s the fallout?
1 year, 8 months ago

Why has Los Angeles imposed a 'mansion tax'? What’s the fallout?

Firstpost  

The mansion tax was passed to raise funds to solve the city’s homeless crisis. The new law imposed on the property seller mandates an additional transfer tax of four per cent be levied on all property sold in Los Angeles between $5 and $10 million. “Inevitably, there’s a rush to sell now, to escape the tax,” Fox News’ Stuart Varney …

Your guide to L.A.’s ‘mansion tax’ proposal to build more housing, Ordinance ULA
2 years, 1 month ago

Your guide to L.A.’s ‘mansion tax’ proposal to build more housing, Ordinance ULA

LA Times  

The so-called documentary transfer tax would generate an estimated $600 million to $1.1 billion a year, according to a city analysis, and the proceeds would fund affordable housing construction, rental subsidies and tenant defense, among other things. About 30% of the revenue would provide short-term emergency assistance for tenants, subsidies for rent-burdened seniors or disabled people; and funding to provide …

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