LOS ANGELES — A coalition of real estate and anti-tax groups is seeking to prevent the city of Los Angeles from implementing a recently passed tax on the sales of properties over $5 million.
The proceeds of Measure ULA, which passed with nearly 58% of the vote in the November election, would go toward a range of efforts to prevent people from becoming homeless. In addition, tens of millions of dollars would go to the construction of new housing and tenant defense.
City officials estimate that this tax on the transfer of properties could bring in between $600 million to $1.1 billion a year.
