L.A.'s 'Mansion Tax' Needs a Remodel. Here's How to Fix It
Measure ULA isn't just a tax on mansions. It applies to nearly every property priced over $5 million. Over the first two years since it was implemented, high-value property sales inside Los Angeles city limits fell by about 50 percent. Targeted state legislation could reduce ULA's negative effects while preserving its goal of raising funds to help low-income renters.