Mayor Karen Bass, who has made tackling the spiraling homelessness crisis in Los Angeles her top priority, has overruled the city's top financial advisor, who warned against spending a new housing fund based on the proceeds from the Measure ULA property transfer tax.
Bass announced this week her proposal to spend $1.3B next year in a city-wide Initiative to move unhoused people into housing and treatment programs.
The funds will draw $150M from Measure ULA, the property transfer tax that went into effect on April 1. The tax adds a 4% tax on all residential and commercial sales over $5M and a 5.5% tax on sales over $10M.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
