LA ‘Mansion Tax’ Is Yet Another Democrat Debacle
9th April 2024
In November 2022, Los Angeles voters approved a so-called ‘mansion tax,’ which slaps a 4% sales tax on properties sold for over $5 million, and 5.5% for those over $10 million.
The scheme (Measure ULA), put forward by Democrats, was projected to raise roughly $672 million in its first year, to be used for affordable housing.
Not only did the plan fall short by hundreds of millions of dollars (raising just $215 million), the measure caused residential building construction to plummet, raising housing prices even further, the Washington Examiner writes, noting that the tax doesn’t just apply to large homes in Bel Air, “but also gas stations, commercial real estate, condominiums, and apartment complexes.”