Since the Measure ULA property transfer tax in Los Angeles went into effect on April 1—after a slew of last-minute deals were rushed through at the end of March to avoid it—the city’s top financial advisor has had a lot to say about its implementation: all of it disappointing to proponents of the measure, which was approved by a lopsided margin of city voters in November.

Last month, the city’s fiscal overseer reported that the yields for a new housing fund that will be paid for from proceeds of the new property transfer tax will be much less than advertised by proponents of Measure ULA.

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