Proposition ULA, Tax on $5 Million House Sales Initiative

A "yes" vote supports a ballot initiative to:

-enact a 4% tax on the sale or transfer of properties in Los Angeles valued at more than $5 million and a 5.5% tax on the sale or transfer of properties valued at more than $10 million; -establish the House LA fund within the city treasury to collect additional tax revenue; and allocate revenue to projects that address housing availability at certain income thresholds and prevent homelessness. A "no" vote opposes enacting a 4% tax on the sale or transfer of properties in Los Angeles valued at more than $5 million and a 5.5% tax on the sale or transfer of properties valued at more than $10 million.

Measure design The measure would enact a 4% tax on the sale or transfer of properties in Los Angeles valued at more than $5 million and a 5.5% tax on the sale or transfer of properties valued at more than $10 million. It would establish the House LA fund within the city treasury to collect additional tax revenue and allocate revenue to projects that address housing availability at certain income thresholds and prevent homelessness. The measure would also create a citizens oversight committee tasked with developing funding guidelines, assessing project needs, and auditing expenditures.