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    LA's rich are already scheming ways to avoid new 'mansion tax'

    Death and taxes are life's two certainties — but not if the rich can help it. Just weeks after Los Angeles voters backed a new measure that puts a one-time transfer tax on property sales above $5 million to generate money for affordable housing and homelessness prevention, the city's affluent homeowners are exploring potential ways of avoiding the tax. Known as Measure ULA — for "United to ...
    by Jack Flemming, Los Angeles Times Dec 15, 2022 6 minutes
    John Seeley, 75, joins hundreds in a march consisting of the homeless, people on the verge of eviction, low-income community residents and workers who march down Hill Street during the March for Housing in downtown Los Angeles on Nov. 20, 2019.

    Death and taxes are life's two certainties — but not if the rich can help it.

    Just weeks after Los Angeles voters backed a new measure that puts a one-time transfer tax on property sales above $5 million to generate money for affordable housing and homelessness prevention, the city's affluent homeowners are exploring potential ways of avoiding the tax.

    Known as Measure ULA — for "United to House LA" — the ordinance marketed as a "mansion tax" will impose a 4% tax on property sales above $5 million, rising to 5.5% on sales above $10 million. So a $5-million sale would include a $200,000 tax, and a $10-million sale would include a $550,000 tax, which is typically paid by the seller.

    It's set to take effect on April 1, 2023, and it's already causing shock waves in the L.A. housing market. While some analysts say high-end transactions will remain highly profitable, others fear the tax will not only drive high-end developers elsewhere, but also discourage the construction of multifamily housing that it was meant to foster.

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