How LA's "Mansion Tax" ULA Might Help Make Housing More Affordable for Everyone

Los Angeles voters appear to be passing Measure ULA, which could generate $900 million a year for housing subsidies and tenant protections.

The measure, which is also known as the Mansion Tax, would impose a 4% transfer tax on sales above $5 million and 5.5% on sales above $10 million, compared with the current 0.45% tax.

The money generated would go towards subsidizing rents for low-income residents and providing enhanced legal protections for tenants.

If the measure holds on to its lead, this won’t be the end of the problem, of course.

The city of Los Angeles has roughly 42,000 homeless people, an affordable housing unit shortage 10 times that number.

The City of Los Angeles also has a mental health and drug crisis that complicates the challenge of moving people indoors, and a failed system of care.

Critics warn that Measure ULA could end up hiking rents by raising costs for developers and depressing new construction.

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