Fiscal Chief Tells Los Angeles Not to Spend Transfer Tax Funds

Says tax will be refunded to sellers if court strikes Measure ULA down.

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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