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walkitouthttps://www.latimes.com/california/story/2022-12-16/bass-executive-order-on-housing
The mayoral election in LA was very close this year, and homelessness was an issue in the campaign. In the same election, Measure ULA was passed. Known informally as the “mansion tax”, it is a tax that is collected when real estate valued at more than a certain amount of money is transferred.
https://ballotpedia.org/Los_Angeles,_California,_Proposition_ULA,_Tax_on_$5_Million_House_Sales_Initiative_(November_2022)
The money raised by it is redirected specifically to affordable housing.
Bass’ 60 day directive requires applications for shelters and affordable housing — which do still have to go through various environmental review and other processes by statute — to get through that process in 60 days or less.
So, LA in one election created a stream of money that goes into a dedicated pool, and elected a mayor who has indicated clearly that she wants that money to _exit_ the pool in a timely fashion (affordable housing and shelter projects often take 6-9 months currently to get through the process).
I look forward to seeing the results.
The LA Times has coverage on the directive and discussion of probable efforts to avoid the “Mansion Tax”.
The mayoral election in LA was very close this year, and homelessness was an issue in the campaign. In the same election, Measure ULA was passed. Known informally as the “mansion tax”, it is a tax that is collected when real estate valued at more than a certain amount of money is transferred.
https://ballotpedia.org/Los_Angeles,_California,_Proposition_ULA,_Tax_on_$5_Million_House_Sales_Initiative_(November_2022)
The money raised by it is redirected specifically to affordable housing.
Bass’ 60 day directive requires applications for shelters and affordable housing — which do still have to go through various environmental review and other processes by statute — to get through that process in 60 days or less.
So, LA in one election created a stream of money that goes into a dedicated pool, and elected a mayor who has indicated clearly that she wants that money to _exit_ the pool in a timely fashion (affordable housing and shelter projects often take 6-9 months currently to get through the process).
I look forward to seeing the results.
The LA Times has coverage on the directive and discussion of probable efforts to avoid the “Mansion Tax”.