And b/c Measure ULA appears to have caused sales to plummet on high-value commercial, industrial, multifamily & single-family parcels in LA, it's taken away the primary mechanism by which assessed prop tax valuations climb to market levels. Billions of potential public revenues, gone.
Comments
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.