"are backing away from the city."
"We are sabotaging ourselves,"
"You can't address a housing crisis with a policy that worsens our housing shortage. You just can't."
City Council postponed a vote on a ballot measure to exempt sellers of newer apartment buildings from Measure ULA, the property transfer tax enacted in 2022. Developers say Measure ULA, which currently applies to most property sales of $5.3 million or more, has chilled apartment construction and made many developments unprofitable. Mayor Karen Bass's state-level attempt to overhaul the tax failed. Councilmember Nithya Raman proposed a targeted exemption to spur housing production but faced strong opposition from labor unions and community groups that credit ULA with renter aid and affordable housing funding. The proposal was sent to committee, missing the June deadline, so the earliest possible ballot placement is November.
Read at Los Angeles Times
Unable to calculate read time
Collection
[
|
...
]