In Its First Year, LA’s Mansion Tax Falls Way Short of Revenue Projections

Published on April 5, 2024

The Los Angeles mansion tax, approved by 58 percent of city voters in November 2022, has generated less revenue than projected. About $700 million less. City officials held an April 4 news conference where housing advocates, developers, renters, and other stakeholders gathered to hear a report on Measure ULA’s first year. Endorsed by more than 200 local organizations, the measure slapped a 4 percent sales tax on properties sold for over $5 million and 5.5 percent on those over $10 million. Early projections estimated the tax could generate around $900 million for affordable housing during its first year, but it wound up raising $215 million. Measure ULA went into effect Jan. 1, but applicable property sales tax collections didn’t begin until April 1....

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