"A bifurcation of the real estate industry is coming into view in the clashes over proposed changes to Measure United to House L.A. Single-family residential agents and brokers looking to join a new coalition for amending the mansion tax will find little relief in the proposals."
"The group Affordable LA: Mend It, Don't End It presented six changes to the Ad Hoc Committee on Measure United to House Los Angeles, with only one change pertaining to residential transactions despite single-family homes generating 59 percent of ULA revenue."
"The coalition informed the ad hoc committee that if revenue streams from multifamily, commercial, industrial, and mixed-use properties were exempt from the tax, the city would still have enough to spend the remaining balance of ULA funds budgeted for the current fiscal year."
The real estate industry is experiencing a split regarding proposed amendments to Measure United to House L.A. Single-family residential agents are unlikely to find relief in the proposed changes, which include a 4 percent tax on transactions over $5.3 million. A coalition called Affordable LA presented six changes, with only one affecting residential transactions. This proposal offers a temporary exemption for property owners impacted by natural disasters. The coalition argues that exempting other property types would still allow the city to utilize ULA funds effectively.
Read at therealdeal.com
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