Funds would establish the House LA Fund via revenue from “mansion tax” to hire staff and set up inspector general post.
A Los Angeles City Council committee on Monday, June 12, approved funding for the initial implementation of Measure ULA,The Budget, Finance and Innovation Committee unanimously approved recommendations from the city administrative officer and the Los Angeles Housing Department.
Greg Good, a senior adviser with the L.A. Housing Department, provided an overview of Measure ULA — which is an additional tax on those property sales that exceed $5 million. Angelenos passed the ballot measure in November.“So far $3.6 million was collected for the month of April on five transactions,” Good said. “I think that’s reflective of what we anticipated. There was an exceedingly intense rush to offload properties in the month leading up to April 1.
In December, city officials initially reported the measure was expected to generate between $600 million and $1.1 billion annually, but that estimate was later lowered to $672 million. Good noted the housing department is working to provide a report back by late July on initial programs that will be funded by Measure ULA.
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