Which way for Measure ULA?

"That was the week when prominent Progressive councilmember Nithya Raman sought her colleagues' approval to create a 15-year exemption from ULA for new construction multifamily, mixed-use and commercial projects, along with a one-time carveout for properties impacted by a natural disaster. Some council members, along with the Measure ULA Citizens Oversight Committee, were miffed at the attempted fast-track to get the proposal on June's ballot. It's now sitting with the city's Housing and Homelessness Committee."

"In short, whether there's relief for residential and commercial real estate from the 4 percent tax on properties selling for $5.3 million or more (or 5.5 percent for those priced at $10.6 million and up), remains a question mark. Two different realities both extremes are playing out for Downtown Los Angeles, depending on who you ask. Bass is on a roll touting proof points Downtown is being revitalized. Businesses are relocating, expanding their headquarters here, she said during her State of the City address."

"Last year, the city council, the labor movement, business and community leaders came together to pass much needed legislation to expand the L.A. Convention Center. As a result, marquee conventions are booking as we speak. That includes the American Speech-Language Hearing Association (15,000 people in 2031), American Geophysical Union (25,000 people in 2032) and International Association of Chiefs of Police Annual Conference and Exposition (15,000 people in 2037)."

The mayor's position on proposed Measure ULA reforms was absent from the State of the City address. Councilmember Nithya Raman proposed a 15‑year exemption from ULA for new construction multifamily, mixed‑use and commercial projects, plus a one‑time carveout for disaster‑impacted properties. Some councilmembers and the Measure ULA Citizens Oversight Committee objected to attempts to fast‑track the proposal for the June ballot; the proposal is now with the Housing and Homelessness Committee. The ULA tax imposes 4 percent on properties selling for $5.3 million or more (5.5 percent at $10.6 million), creating uncertainty. Downtown Los Angeles features competing narratives of revitalization and decline, with convention bookings contrasted against developer complaints that the area has been decimated.

Read at therealdeal.com