Overview
- The City Council declined to vote on Tuesday and referred Councilmember Nithya Raman’s Measure ULA amendment plan to the Housing and Homelessness Committee, taking the June ballot off the table for now.
- The proposal would exempt newly built or substantially rehabilitated multifamily, commercial and mixed-use properties from the transfer tax for 15 years, add three-year hardship waivers for disaster-affected owners, and make financing and administrative fixes.
- Measure ULA has raised more than $1 billion since April 2023 and applies a 4% tax to sales over about $5.3 million and 5.5% above roughly $10 million, funding tenant aid and affordable housing programs.
- Housing researchers say the tax has curbed development and estimate a 15-year new-build exemption would trim revenues by roughly 8% while preserving more than 90%, with supporters arguing it could unlock stalled projects.
- United to House LA warns the changes would weaken a key housing tool, while some real-estate groups call the temporary exemption inadequate, all as a statewide initiative to limit transfer taxes continues to gather signatures.