Los Angeles City Council Member Ysabel Jurado chairs the ad hoc committee on Measure ULA and opened its final meeting by opposing a ballot measure to amend ULA now. The full City Council would decide any administrative or technical changes and whether to create a ballot measure. Measure ULA, approved by voters and effective in 2023, imposes a 4% tax on residential and commercial deals starting at $5.3 million and a 5.5% tax on sales at $10.6 million or more. With the new fiscal year on July 1, thresholds shift to $5.4 million for 4% and $10.9 million for 5.5%. Developers, investors, and some council members argue the tax suppresses new development, especially residential construction.
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