Six of the 10 priciest multifamily deals in Los Angeles County were located in the City of L.A., meaning they were taxed extra via Measure ULA, which has slowed commercial trades but wasn't enough to keep these parties from buying or selling. The 10 deals combined total about $1.2 billion, and the six within the City of Los Angeles accounted for approximately $45 million in Measure ULA taxes, which come at a 5.5 percent rate on sales of more than $10.5 million.
It was the personal touch that won over Jay Luchs when Antonio Villaraigosa a Democrat making his second run for California governor called to talk about real estate. I respect him for picking up the phone and calling me to talk business personally and it made me interested in supporting him, Luchs, executive vice chairman at Newmark in Los Angeles, said via email. Plus there's the former Los Angeles mayor's stance on Measure ULA, a property tax which is criticized by developers in California for increasing the cost of and slowing the pace of development, despite being intended to fund housing solutions.
As a company that takes great pride in being L.A. based, we no longer build within the city of Los Angeles because of the unpredictability, the cost of doing it [and] the multiple layers of bureaucracy you have to go through for approvals, Caruso said on stage. And I made that decision long before I ever ran for office [in 2022].
