"Measure ULA has generated significant revenue since its implementation, with commercial real estate transactions accounting for 55.5% of the total revenue, highlighting the tax's impact on the market."
"While single-family residential properties contribute a substantial amount to ULA's revenue, the commercial sector has outpaced it overall, raising concerns about the tax's effect on development."
"Critics of Measure ULA argue that the tax is stifling development and pushing investment outside of Los Angeles, which is in urgent need of increased housing production."
Measure ULA, implemented in 2023, has generated $1.1 billion from nearly 1,600 deals, with 55.5% of revenue from commercial real estate. Commercial properties contributed $635.2 million, while single-family homes added $472.6 million. Vacant property purchases made up only 3.1% of the total revenue. Critics argue the tax is hindering development and driving investment away from Los Angeles. The tax imposes a 4% transfer tax on sales over $5.3 million and 5.5% on sales over $10.6 million, with significant revenue concentrated in West L.A. and Hollywood neighborhoods.
Read at therealdeal.com
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