To the editor: Since L.A. voters accepted Measure ULA (a switch tax on the sale of properties over $5 million) in 2022, the actual property trade 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 trade’s educational allies co-authored a column claiming “most multifamily developments contain shopping for an acceptable website after which promoting the completed constructing.”
They blame Measure ULA for a dip in new multifamily housing, however an examination of county assessor information from 2015-22 reveals that just a few newly constructed items had been offered inside three years. The critics’ resolution — eliminating Measure ULA for multifamily gross sales — wouldn’t add important housing, however would scale back important revenues to assemble new reasonably priced 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 will succeed. However the ULA revenues have been trending upward, reaching about $600 million, town’s largest supply of reasonably priced housing funding. The trade’s educational accomplices ought to cease utilizing deceptive claims to weaken a profitable and common coverage.
Peter Dreier, Los Angeles
The author is a professor of city and environmental coverage at Occidental School in Eagle Rock.
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To the editor: One other concern with the mansion tax is that the $5-million threshold shouldn’t be listed to actual property inflation. So over time, increasingly more homes and industrial property will find yourself being coated by this tax. A greater method could be to tax a transaction primarily based on the scale of the home, say 3,000 sq. toes, whereas exempting industrial property like condominium 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 improvement — all whereas persevering with to boost cash for reasonably priced housing.
Stewart Chesler, Granada Hills
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To the editor: Solely two years in, Measure ULA has funded 795 items of reasonably priced housing, creating an estimated 10,000 union jobs, according to a report from Occidental College. It has supplied badly wanted rental help to 11,000 individuals prone to homelessness and common tenant help to greater than 100,000. It’s one of many largest sources of reasonably priced housing funding Los Angeles has ever seen when reasonably priced housing and homelessness are our biggest considerations. It has survived court docket challenges and referendum makes an attempt. Why do actual property brokers, builders and their supporters preserve attempting to whittle it down or kill it?
Probably the most shocking factor concerning the newest try to slash Measure ULA’s income is that it’s occurring as President Trump and Elon Musk’s DOGE slash federal reasonably priced housing funds. By passing Measure ULA, Los Angeles ready as a lot as we probably may for this assault. Let’s preserve 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.
