"The Mend It, Don't End It group not only recommends Raman's 15-year exemption on new multifamily and commercial construction, but also proposes a ULA ceiling of 1 percent to 2 percent after that 15-year period for all non-single-family property transactions."
"They're additionally calling for improvements to rules around financing, expansion of how ULA funds could be used, more transparent reporting and relief for Palisades fire survivors and future natural disasters."
"The coalition comprises several groups, including the Council of Infill Builders, Los Angeles Business Council, Housing Action Coalition, LA YIMBY, Los Angeles Area Chamber of Commerce and Western States Carpenters."
The Affordable LA: Mend It, Don't End It coalition presented proposals to amend the city's mansion tax at Los Angeles City Hall. Led by Miguel Santana, the coalition aims to fix Measure United to House L.A. rather than eliminate it. Their recommendations include a 15-year exemption for new multifamily and commercial construction, a ULA ceiling of 1 to 2 percent after that period, and improved financing rules. The coalition also seeks expanded use of ULA funds, transparent reporting, and relief for disaster survivors. The current ULA tax is 4 percent on transactions over $5.3 million.
Read at therealdeal.com
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