The Los Angeles Measure ULA Update

What the real estate transfer tax that funds affordable housing has produced

The Measure

Measure ULA -- the real estate transfer tax approved by Los Angeles voters in 2022 that imposes a 4 percent tax on property sales above 5 million dollars and a 5.5 percent tax on sales above 10 million dollars -- was projected to generate approximately 900 million dollars annually for affordable housing. The first full year of implementation has produced approximately 215 million dollars in revenue, approximately 24 percent of the projection.

The Revenue Gap

The revenue gap reflects several factors: the real estate market contraction that reduced the number and value of transactions in the tax bracket; the legal challenges to the measure that created uncertainty during the implementation period; and the specific transaction timing decisions that property owners made in advance of or following the measure's implementation. The gap is not solely the measure's design failure -- it is the specific market conditions the measure encountered.

Screwthenews Coverage

Screwthenews.com covers Measure ULA because the accountability journalism of the affordable housing financing mechanism that Los Angeles voters approved requires documenting what the measure is producing against what it was projected to produce, and because the revenue gap has specific consequences for the affordable housing programme that the revenue was supposed to fund.

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SOURCE: https://bohiney.com/

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