Measure ULA — which adds a 4% tax on property sales of more than $5 million, and 5.5% tax on ones over $10 million — may be in effect as soon as April. The money will go toward affordable housing and homeless prevention, but the LA Times reports that some property owners are already searching for ways around it, and even some supporters worry it may actually reduce the quantity of housing construction in the city.
Possible loopholes and pitfalls may exist in voter-approved Measure ULA
Measure ULA is aimed at boosting affordable housing and preventing more homelessness, but some property owners are searching for ways around it. Photo by Shutterstock.
Credits
Guest:
- Shane Phillips - housing initiative project manager at UCLA’s Lewis Center for Regional Policy Studies