Suspension of Measure ULA Real Estate Transfer Tax in Los Angeles

L.A. Mayor Karen Bass is considering suspending Measure ULA, a real estate transfer tax, to help rebuild areas destroyed by wildfires. The tax has faced legal challenges and has not met revenue expectations, impacting the real estate market negatively.

Impact of Measure ULA on Real Estate Market in Los Angeles

Measure ULA, a local tax initiative in Los Angeles, was intended to generate revenue for affordable housing and homeless prevention but has failed to meet expectations, leading to a decline in real estate transactions and market activity. The tax has faced litigation challenges and criticism for its impact on property owners, potentially hindering post-fire rebuilding efforts. Calls for the repeal of Measure ULA have surfaced to revive the struggling real estate market in L.A.

Legal Challenge to Measure ULA in Los Angeles

The U.S. Court of Appeals for the Ninth Circuit is hearing a challenge to Measure ULA, a tax on high-end property sales in Los Angeles for affordable housing that has fallen short of its revenue goals. Legal challenges focus on its constitutionality and potential misrepresentation as a tax on the wealthy.