The two California lawmakers who proposed legislation last session to amend certain provisions of the Los Angeles “mansion tax” say they won’t be revisiting the effort this session.
The tax, included in a ballot measure LA voters approved in 2022, imposes levies of 4% on property sales and transfers of over $5 million and 5.5% on transfers of over $10 million as a way to raise funds for housing and tenant assistance programs. The rates apply to multifamily housing developments and commercial property sales in addition to single-family homes, which developers say suppresses investment and housing construction.
The bill from ...