Overview
- City leaders declined to advance Councilmember Nithya Raman’s proposal for a 15-year exemption for new multifamily, commercial and mixed-use projects, sending it to the Housing and Homelessness Committee.
- Measure ULA applies a 4% tax on property sales between $5 million and $10 million and 5.5% above $10 million, covering apartments, commercial properties and industrial sites.
- UCLA Lewis Center research links the tax to at least 1,910 fewer multifamily units per year in Los Angeles, an estimated 18% decline from pre-ULA levels.
- City Journal reports annual revenue of about $280 million to $350 million versus initial $600 million to $1.1 billion projections, with separate academic work finding a 38% drop in eligible transactions and large offsets to future property-tax revenue.
- After an appellate loss in December, the Howard Jarvis Taxpayers Association is collecting signatures for the Local Taxpayer Protection Act for November, which would cap local transfer taxes and restore supermajority thresholds for local special taxes.