Los Angeles officials are weighing changes to the city’s controversial “mansion tax,” though some housing advocates say the proposed fixes won’t fully address concerns about its impact on development, LAist tells us.
A report released last week by the Los Angeles Housing Department recommends four adjustments to Measure ULA, the voter-approved tax on property sales of $5.3 million or more. The recommendations are intended to refine how the tax supports affordable housing projects.
City officials described the changes as “narrowly focused,” primarily addressing financing and regulatory challenges tied to affordable housing developments funded through Measure ULA. The Housing Department urged the City Council to approve the proposals by early fall, so funding for new projects can move forward later this year…