To the editor: Since L.A. voters permitted Measure ULA (a switch tax on the sale of properties over $5 million) in 2022, the actual property business has tried unsuccessfully to repeal or weaken the regulation (“L.A.’s ‘mansion tax’ needs a remodel. Here’s how to fix it,” April 5). Three of the business’s tutorial allies co-authored a column claiming “most multifamily developments contain shopping for an appropriate web site after which promoting the completed constructing.”
They blame Measure ULA for a dip in new multifamily housing, however an examination of county assessor knowledge from 2015-22 reveals that only some newly constructed items had been bought inside three years. The critics’ resolution — eliminating Measure ULA for multifamily gross sales — wouldn’t add important housing, however would scale back very important revenues to assemble new inexpensive housing and shield renters from eviction.
Early on, Measure ULA generated much less income than predicted as a result of homeowners of high-end properties waited to see if a number of makes an attempt to overturn it could succeed. However the ULA revenues have been trending upward, reaching about $600 million, the town’s largest supply of inexpensive housing funding. The business’s tutorial accomplices ought to cease utilizing deceptive claims to weaken a profitable and widespread coverage.
Peter Dreier, Los Angeles
The author is a professor of city and environmental coverage at Occidental Faculty in Eagle Rock.
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To the editor: One other situation with the mansion tax is that the $5-million threshold isn’t listed to actual property inflation. So over time, increasingly homes and business property will find yourself being coated by this tax. A greater method can be to tax a transaction based mostly on the scale of the home, say 3,000 sq. ft, whereas exempting business property like residence buildings and manufacturing. Enacting this reform will assist to restrict the unfold of extra-large homes, protect neighborhoods and take away undue burdens on multifamily growth — all whereas persevering with to boost cash for inexpensive housing.
Stewart Chesler, Granada Hills
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To the editor: Solely two years in, Measure ULA has funded 795 items of inexpensive housing, creating an estimated 10,000 union jobs, according to a report from Occidental College. It has offered badly wanted rental help to 11,000 individuals liable to homelessness and common tenant help to greater than 100,000. It’s one of many largest sources of inexpensive housing funding Los Angeles has ever seen when inexpensive housing and homelessness are our biggest issues. It has survived court docket challenges and referendum makes an attempt. Why do actual property brokers, builders and their supporters maintain making an attempt to whittle it down or kill it?
Probably the most shocking factor in regards to the newest try to slash Measure ULA’s income is that it’s occurring as President Trump and Elon Musk’s DOGE slash federal inexpensive housing funds. By passing Measure ULA, Los Angeles ready as a lot as we presumably may for this assault. Let’s maintain constructing housing and defending renters with the sources we have now.
Joe Donlin, Los Angeles
The author is director of the United to Home L.A. Coalition.
