Ordinance ULA, otherwise known as the “mansion tax,” appeared headed for passage — while Proposition SP, a parcel tax that would benefit parks and recreational facilities, was on course…
Los Angeles voters appeared split on two tax-related measures that were on the Election Day ballot.
The tax would generate between $600 million and $1.1 billion annually, and a majority of the revenue would go toward affordable housing and tenant assistance programs. “This is going to provide a broad range of strategies to both build affordable housing, acquire affordable housing and get people immediately into homes that need it, and also secure for years and years to come a permanent source of funding for housing,” Raymond said.
Opponents of the measure said in the city’s official voter information pamphlet that the tax would make purchasing apartment buildings in Los Angeles more expensive because it taxes any property that sells for more than $5 million — which they said would increase rent for tenants.
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