L.A.'s tax on the sale of multimillion-dollar properties has collected about $480 million. It will be spent on affordable housing and tenant protection efforts.
The Los Angeles City Council has approved a spending plan and program guidelines for the "mansion tax," officially known as Measure ULA, which imposes a tax on property sales above $5 million. This tax, which went into effect on April 1, 2023, aims to fund affordable housing and tenant assistance programs. The approved plan allocates approximately $150 million for short-term emergency rental assistance, $23 million for eviction defense, and $5.5 million for tenant outreach and education. Additionally, $116 million is designated for the development of affordable housing, with $23 million specifically for income-restricted housing for low-income seniors and $18.4 million for extremely low-income housing. The guidelines also outline how the funds will be distributed, with a focus on ensuring that the money benefits those most in need, including low-income families, seniors, and individuals at risk of homelessness. The measure has faced legal challenges, but the city remains committed to its implementation to address the housing crisis.
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