"Ensuring ULA is delivering real results will be at the crux of the committee's responsibilities, Jurado said in a statement. The committee will tackle any pending council matters related to the so-called mansion tax, which voters passed in 2022 to generate revenue for affordable housing and homelessness prevention programs."
"Measure ULA applies a 4 percent tax on all residential and commercial real estate deals, including apartment complexes, starting at $5.3 million. That rises to 5.5 percent for trades of $10.6 million or more."
"There are things in ULA that I frankly think were not in the spirit of voters, like taxing the building of affordable housing as one example, Harris-Dawson, who made the committee assignments, said during a council meeting last week."
Los Angeles City Council established an ad hoc committee chaired by Councilmember Ysabel Jurado to evaluate Measure ULA, a mansion tax approved by voters in 2022. The committee includes John Lee and Imelda Padilla and must hold its first meeting by March 27 to allow time for recommendations to the city council. Measure ULA imposes a 4 percent tax on residential and commercial real estate transactions starting at $5.3 million, increasing to 5.5 percent for deals exceeding $10.6 million. Revenue funds affordable housing and homelessness prevention programs. The committee will examine whether ULA delivers intended results and address concerns about current provisions, including taxation of affordable housing development projects.
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