Another difference: Measure RE imposes lower overall rates than ULA (1.5-4% versus 4-5.5%), but it applies to less expensive sales (starting at $1.5mm vs. $5mm). This, combined with its marginal structure, seems to help RE preserve the incentive to sell much better than ULA does. - ThreadSky

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mottsmith.bsky.social • 96 days ago

Another difference: Measure RE imposes lower overall rates than ULA (1.5-4% versus 4-5.5%), but it applies to less expensive sales (starting at $1.5mm vs. $5mm).

This, combined with its marginal structure, seems to help RE preserve the incentive to sell much better than ULA does.

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mottsmith.bsky.social•96 days ago

Also, Measure RE exempts the 1st sale of new multifamily, and all affordable housing. It thus preserves multifamily project feasibility--whether market-rate or low-income. (Note: It's missing an exemption for new commercial/industrial, but there's not a lot of that in CC. Bigger issue in LA.)

mottsmith.bsky.social•96 days ago

It's not clear how we'll be able to fix Measure ULA & get the market back on functional ground. But it is clear that if we don't, it will be nearly impossible to meet our housing production goals or keep LA from bleeding jobs & manufacturing. We must find a fix.

mottsmith.bsky.social•96 days ago

Again, HUGE thanks to Sara Soudani and Jill Wright at Commonwealth Title, who generously provided the megabytes of transactional data to support this analysis.

/end

nealip.bsky.social•87 days ago

Curios as to Measure GS is Santa Monica does with a similar analysis?

mottsmith.bsky.social•82 days ago

I looked at Measure GS. The challenge is, I can count on one hand the number of >$8mm transactions in any given quarter in Santa Monica, so it's very difficult to see trends as they show up in the much bigger L.A. market.

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