Hollywood stars scramble to sell homes ahead of Los Angeles’ new ‘mansion’ tax
1 year, 9 months ago

Hollywood stars scramble to sell homes ahead of Los Angeles’ new ‘mansion’ tax

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A number of Hollywood’s elite are reportedly in a hurry to sell their luxury homes ahead of 1 April, when Los Angeles’ new “mansion tax” comes into place. The tax, called Measure ULA, will require sellers of properties of more than US$5 million to pay a four per cent transfer tax. It will also require sales of more than US$10 million to pay a 5.5 per cent tax, with all funds raised going towards public housing. Another broker, Josh Altman, added to The Telegraph: “I’m seeing deals get done that should never have done.” Measure ULA campaigners say the tax will help reduce homelessness in the city, as well as provide financial assistance to low-income senior citizens and make housing more affordable.

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History of this topic

L.A. City Council approves ‘mansion tax’ spending plan and program guidelines
1 month 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’?
2 months, 1 week 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?
4 months 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
9 months, 1 week 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, 2 months 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, 4 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, 9 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 …

Free McLaren or Bentley: Sellers get creative to close deals before ‘mansion tax’ kicks in
1 year, 9 months ago

Free McLaren or Bentley: Sellers get creative to close deals before ‘mansion tax’ kicks in

LA Times  

This $16.5-million mansion comes with any of the cars in the photo — as long as the buyer can close the deal before April 1. It’s one of many time-sensitive deals available right now in L.A.’s luxury real estate market, which has been scrambling since voters passed Measure ULA in November. If a buyer pays full price for this hillside …

Editorial: Get the fight over the L.A. mansion tax settled fast. We need the money
2 years ago

Editorial: Get the fight over the L.A. mansion tax settled fast. We need the money

LA Times  

Los Angeles voters backed Measure ULA, a tax on high-value real estate transaction, to pay for affordable housing and homelessness prevention. Measure ULA affects only a tiny percentage of property sellers but could provide $600 million or more a year that could help solve the housing and homelessness crisis in the city of Los Angeles. The measure will increase the …

Howard Jarvis group, apartment owners sue to block L.A.’s new housing tax
2 years ago

Howard Jarvis group, apartment owners sue to block L.A.’s new housing tax

LA Times  

A lawsuit has been filed to block Measure ULA, which voters approved in November. A coalition of real estate and antitax groups is seeking to prevent the city of Los Angeles from implementing a recently passed tax on the sales of properties over $5 million. The groups’ attorneys argue that “great and irreparable harm will result to plaintiffs, and to …

Column: Fed up with failed leadership, L.A. voters backed mansion tax to help the homeless. Will it work?
2 years, 1 month ago

Column: Fed up with failed leadership, L.A. voters backed mansion tax to help the homeless. Will it work?

LA Times  

Residents of downtown’s L.A. Grand hotel under the Project Roomkey program protest the city’s plan to evict them early next year. “I don’t think it’s overstating it at all to call it a game changer,” said Ann Sewill, general manager of the city’s Housing Department. “Compared to home-care providers, they’re not faring much better, and the cost of living for …

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