Luxury home sales in Los Angeles have been decimated by the so-called ‘mansion tax’ one year since it came into effect.
Launched April 1, 2023, the policy levied a four percent tax on all $5 million to 10 million property sales, while funds were programs for the homeless.
But one year later, the Measure ULA strategy has seen luxury house sales drop by 68 percent, while raising only 22 percent of its stated goal.
Some 366 single-family homes were sold in the 12 months before April 1, 2023, versus 166 sold in the year since, according to the Los Angeles Times.
Local real estate developer Hooman Ghaffari blasted the policy as ‘a sham’ that has ‘yet to come close to meeting stated goals’ while making new developments ‘financially unworkable’.
Click here to read the full story in the Daily Mail.
