Measure ULA has faced numerous challenges since it was approved, and its fate is uncertain, but the city is moving forward to develop programs with the tax money.
Nearly two years ago, voters in Los Angeles approved Measure ULA, increasing taxes on the sale of multimillion-dollar properties with the aim of raising hundreds of millions of dollars each year to help address the city's housing crisis. Its fate has been uncertain from the start, with opponents pursuing multiple pathways to try to invalidate it. But the so-called 'mansion tax' remains in place and has brought in $375 million in revenue since it went into effect last year.
Critics have also alleged that the measure damps the housing market. The city has opted to move forward and allocate some of the funds while the cases are being resolved. The tax imposes a 4% charge on property sales above $5.1 million and a 5.5% charge on sales above $10.3 million.
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