LA Mansion Tax Fight: Reform or Repeal?

0:00It's April 23rd. I'm Cory with the story, and this is California News today. Your AI-powered local news. Los Angeles voters are gearing up for a big fight over the mansion tax this November. Back in 2022, folks pass measure ULA, slapping a tax on home sales over $5 million to fund affordable housing and renter. Help. Now, the Howard Jarvis Tax Pairs Association got enough signatures verified by the State Secretary this week to put a statewide measure on the ballot that would scrap it entirely along with similar taxes in other cities. The tax kicks in at up to 5.5% on big deals, but it's hit way less cast and promised only about $1.1 billion. Total over three years. Supporters say it's already aiding evictions fights and ren relief while critics blame it for slowing new housing builds compared to nearby spots. Without the tax, homeowners and builders are fired up on both sides. Taxpows argue it's making California even less affordable by hiking costs, and they want new taxes to need two-thirds voter approval instead of

1:05A. Simple majority. Backers Warren killing it would gut funds for working families to stay housed. Meanwhile, a local coalition called Mended, don't end it. It is pushing city leaders for tweaks, like sparing new apartment projects from the tax to. Spark more building and cut homelessness. They're urging the city council to get a reform measure on the November ballot too. The council's new ad hoc committee meets Friday and has till late April to pitch changes, maybe even covering fire hit homes and Pacific palisades. With statewide repeal looming, expect this tax battle to shape how LA tackles its housing crunch moving forward.