On the other hand, the one that's deeply dysfunctional, Measure ULA, is like oil on Prop 13's fire.
If Prop 13 gives owners an incentive not to sell, Measure ULA has almost made it a requirement.
It's also created an unfortunate penalty for investing in development or other improvements.
If Prop 13 gives owners an incentive not to sell, Measure ULA has almost made it a requirement.
It's also created an unfortunate penalty for investing in development or other improvements.
Comments
Any analysis, or your own thoughts, on comparison with San Francisco's transfer tax, which has been tweaked over the years -- increased by voters in 2020, then partly waived to encourage res conversion in 2024 (I think?).
How do we know it's b/c of ULA? By looking at properties NOT subject to ULA (<$5mm or outside city of LA). Those sales have gone up.
Not necessarily.
ULA was just designed very badly.
By contrast, Culver City's Measure RE transfer tax, which took effect in 4/21, appears to be working without causing damage to the market.